-- Posted Wednesday, 19 December 2007 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 19th December, 2007
GOLD				SILVER
COMEX GOLD FEBRUARY FUTURE -- $806.70				COMEX SILVER -- MARCH FUTURE -- $1418.0
EXPECTED TRADING RANGE
GOLD FEBRUARY 08   -- $793.0 -- $818.00				SILVER  MARCH 08  -- $1392.0 - $1458.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $285.00 - $297.00				NYMEX CRUDE OIL   - $89.00 - $92.60
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COPPER MARCH TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$274.90	$274.90	$279.10	$285.90	$292.00	$301.60	$306.00	$312.30
GENERAL MARKET CONDITIONS
Geopolitical risk once again on the surface after Turkish troops entered northern Iraq. This is minor news at the moment as Turkey has a history of entering Iraq but it remains to be seen as to how long Turkish troops remain in Iraq. Markets have more or less ignored this news as they are pre-occupied with prospects of US economy in 2008 and liquidity and higher volatility resulting in medium term traders becoming day traders.
Physical demand from India and China will rise in the first quarter of 2008. Chinese new year demand around mid February should result in higher demand. Chinese retail investors are yet to diversify into gold in a big way, away from equities. Once they start to diversify their investments into gold away from equities, gold demand will zoom in China further luring buyers at lower levels
Gold, silver and copper fell after London PM fixing yesterday. It will be another volatile day with US weekly crude oil inventories dictating crude oil as well as precious metals in the Comex session. The crude oil market will be very sensitive to US crude oil inventories for the rest of the week.
COPPER -- MARCH FUTURE
Copper has a key long term support at $277 and only a weekly close below the same will result in $253.80 and $235.0. It needs to break $307 for gains.
NYMEX CRUDE OIL --  FUTURE
As long as crude oil holds $90-$90.40 downside will be limited and it will target $94-$95.50 once again. Falls below $90 then $87.40 is the target. Investors should sell April/May futures on rise with a price target of $78.
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, 19 December 2007 | Digg This Article | Source: GoldSeek.com

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