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-- Posted Friday, 30 November 2007 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Precious Metals Market Update for 30th November, 2007
GOLD				SILVER
COMEX GOLD FEBRUARY FUTURE -- $805.20				COMEX SILVER -- MARCH FUTURE -- $1429.0
EXPECTED TRADING RANGE
GOLD FEBRUARY 08   -- $790.0 -- $818.00				SILVER  MARCH 08  -- $1396.0 - $1476.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $300.00 - $320.00				NYMEX CRUDE OIL   - $89.00 - $96.60
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GOLD FEBRUARY TECHNICAL LEVELS
SUPPORT				RESISTANCE
	S2	S3	S4	R1	R2	R3	R4
$774.20	$782.10	$794.30	$803.80	$814.60	$822.80	$838.00	$847.00
GENERAL MARKET CONDITIONS
Gold and silver December futures are expiring today. The next maturity in gold and silver will be different. Investors will position themselves for the next expiry. In December, the Fed interest rate will be the key. A quarter of a percentage interest rate cut has been priced in by the markets. What if the Fed springs a surprise and cuts interest rates by half a percentage as a Christmas gift? All the metals and energies will zoom and the US dollar will nosedive. So far statistics on US economic growth have been on the lower side. Apart from the Fed meeting, the other key factors to watch out in December are energy prices and economic numbers from the Eurozone and UK. So far growth in Eurozone has shown resilience to a stronger currency and higher energy prices. If Eurozone growth falters in December, then expectations of an interest rate cut might rise which might boost the US dollar.
As far as base metals are concerned, copper looks attractive but not out of the woods. Nickel has been getting hammered, there could be more to for nickel, probably another five percent and then value based buying. I would rather wait for a bottom in nickel and buy rather than sell at the current levels. Lead and Zinc may have bottomed out, but need to rise to get back investor confidence.
Traders will prefer to go long over the weekend in precious metals and energies rather than go short which will result in demand at higher levels.
GOLD -- FEBRURAY FUTURE
As long as gold holds $774.20 downside will be limited and it will once again attempt to edge past $850. Only a daily close below $774.20 will result in $735.90 and $712.10.
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 Friday, 30 November 2007 | Digg This Article | Source: GoldSeek.com

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