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-- Posted Wednesday, 28 November 2007 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Precious Metals Market Update for 28th November, 2007
GOLD				SILVER
COMEX GOLD FEBRUARY FUTURE -- $817.70				COMEX SILVER -- MARCH FUTURE -- $1447.0
EXPECTED TRADING RANGE
GOLD FEBRUARY 08   -- $804.0 -- $844.00				SILVER  MARCH 08  -- $1404.0 - $1476.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $288.00 - $316.00				NYMEX CRUDE OIL   - $92.80 - $19.60
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COPPER MARCH TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$269.00	$277.00	$287.60	$292.30	$307.60	$311.50	$317.60	$320.00
GENERAL MARKET CONDITIONS
Gold and silver have been very volatile for the past two weeks. Average intra day volatility is over $20 and that of silver over $40. Day traders who use lower stop losses have their stop losses triggered. Gold rose from $796 to $836 only to fall to $808. Silver rose to $1505 only to fall to $1430 in less than two days. The best way to make the most of such volatile markets is to trade with the intra day trend. If you trade against the trend, all stop losses will be hit. Overall there have been more bullish days than bearish days for the past two months, but there have been wild swings on bearish days. Establishing the intra day trend will be the key for the day trader. Further keep on booking small profits on your intra day trades. Yesterday December gold fell to $810.60 only to rise to $815 in less than five minutes only to fall to $810 once again. Stop losses will be useless in such situations.
Everybody knows that gold will rise to $900 and may even be $1000 by the end of December. Silver is like a sleeping dragon and will rise to $1750 and $1900 by the end of December. Nothing official about it. Every tom, dick and harry knows that gold and silver will rise in the short term, medium term and long term. Day trading is an entirely different ball game. It's not 2004 when I used to be very happy when average intra day volatility rose to $12 any day. This is 2007 which is a highly liquidity driven market with a lack of investment avenues. If you are sure which way to trade then either do not trade or use higher stop losses. If one is scared to trade he will never be able to day trade in such markets. One needs to trade and make the most of it.
Such high volatility will only last another fifteen months in precious metals and one needs to make the most out it despite the high volatility in gold and silver. It has been out and out a technical market.
COPPER -- MARCH FUTURE
Copper has been holding key long term support of $282 and needs to break $308.40 for $321 and $335. Copper should bottom out this week.
NYMEX CRUDE OIL --  FUTURE
Crude oil can fall to $92 before the next leg higher to $99 and $100
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, 28 November 2007 | Digg This Article | Source: GoldSeek.com

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