Asian Metals Market Update for 13th November, 2007
By: Chintan Karnani, Insignia Consultants
-- Posted Tuesday, 13 November 2007 | Digg This Article | Source: GoldSeek.com
GOLD
SILVER
COMEX GOLD DECEMBER FUTURE -- $800.50
COMEX SILVER -- DEC FUTURE -- $1463.00
EXPECTED TRADING RANGE
GOLD DECEMBER-- $788.50 -- $820.00
SILVERDEC-- $1400.0 - $1550.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC-- $306.00 - $332.70
NYMEX CRUDE OIL- $92.20 - $97.60
COPPER DECEMBERTECHNICAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
$299.00
$301.00
$308.00
$311.00
$316.70
$326.40
$332.70
$337.00
GENERAL MARKET CONDITIONS
Yesterday we had warned of an eight to ten percent correction in gold and silver anytime and it is happening. At the moment gold and silver's fall is just a technical correction and nothing else supported by a stronger US dollar and investors booking profits. The higher the rise, the greater the fall in value term it will be for gold and silver while maintainig the bulllish trend intact. Gold and crude oil have met the forecast made at the begining of the year and most the analyst have had to upgrade their forecast due to the pace of rise.
Retail investors in India have finally woken upto the fact that gold's rise is here to stay and they have started investing on dips (physical as well as futures). Jewellery demand should rise in India on further gold prices fall. The festive season is over, however the marriage season will begin soon which will push up Indian jewellery demand over the next few months.
COPPER -- DECEMBER
Copper needs to hold $298-$299 zone in short term for further losses. At lower levels, value based buying should come up and a bottom should be formed so that copper can retarget $346 soon.
NYMEX CRUDE OIL --FUTURE
As long as $92 holds, downside will be limited and crude oil will target $100 once again.
HAPPY PROFITABLE TRADING
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for any losses incurred in connection with any decision made, action or inaction taken by any
partyin reliance upon the information provided in this material; or in any delays, inaccuracies,
errors in, or omissions of Information.
-- Posted Tuesday, 13 November 2007 | Digg This Article | Source: GoldSeek.com
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