-- Posted Wednesday, 21 November 2007 | Digg This Article | Source: GoldSeek.com

GOLD	SILVER
COMEX GOLD DECEMBER FUTURE -- $802.40	COMEX SILVER -- DEC FUTURE -- $1473.0
EXPECTED TRADING RANGE
GOLD DECEMBER   -- $792.50 -- $819.00	SILVER  DEC   -- $1434.0 - $1500.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER DEC   -- $288.00 - $316.00	NYMEX CRUDE OIL   - $96.35 - $102.60
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GENERAL MARKET CONDITIONS
Hardly anything to comment on gold and silver for the time being as the US dollar continues to weaken. Crude oil probably will edge past $100 for $125 and it’s difficult to comment where will be the top. This is a speculative market with lack of investment avenues. Speculators can push the prices to any high. Verbal interventions last week by opec officials and other global leaders has failed to reduce speculative interest. At higher prices, alternative energies prices will be par with crude oil and there will be more investment in alternative energy sources. Higher crude oil prices have a lagging effect. Now days the percentage of income spent on essentials is on the rise. Demand for high end products could fall as consumers curb spending on the same. Property rentals are on the rise and prices of food and energies are also on the rise, whereas salaries are not matching the same pace. Sooner than later growth in non US countries will fall. Chinese growth rates are not invincible. China should be a boom to bust scenario, if not in 2008 but in later part of 2009. Lowering interest rates is not the solution for all the ills. Gold will zoom on every interest rate cut by the Fed or any of the G7 nations.
Tomorrow is thanksgiving and traders will only go long ahead of the same. Anyone will dare not go short today for Monday. As long as the US dollar continues to weaken and crude oil prices rise, gold will not fall. I believe the correction in gold is over and it should break $850 soon. Base metals will be volatile. Yesterday base metals rose sharply before LME inventories numbers only to fall thereafter and recover the same in US session. Base metals are all about liquidity.
GOLD -- DECEMBER FUTURE
Gold targets $826 and $852 as long as $786 and $770 holds.
COPPER -- DECEMBER
Copper needs to break $309 for $316 and $326. On the lower side as long as $286 holds, downside will be limited.
NYMEX CRUDE OIL --  FUTURE
Crude oil can test $109 and $122 as long as $96 holds. If and only only if US crude oil weekly inventories are positive that there will be mild correction.
HAPPY PROFITABLE TRADING
Disclaimer : Any opinions as to the commentary, market information, and future direction of
prices of specific currencies, precious metals, base metals, or equity indices reflect the views
of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
party  in reliance upon the information provided in this material; or in any delays, inaccuracies,
errors in, or omissions of Information.

-- Posted Wednesday, 21 November 2007 | Digg This Article | Source: GoldSeek.com

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