-- Posted Thursday, 20 December 2007 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 20th December, 2007
GOLD	SILVER
COMEX GOLD FEBRUARY FUTURE -- $804.60	COMEX SILVER -- MARCH FUTURE -- $1424.0
EXPECTED TRADING RANGE
GOLD FEBRUARY 08   -- $790.0 -- $818.00	SILVER  MARCH 08  -- $1376.0 - $1444.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $292.00 - $307.00	NYMEX CRUDE OIL   - $89.00 - $92.60
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GENERAL MARKET CONDITIONS
Yesterday was one of the few days in which volatility was limited. In fact day traders have got so used to the high volatility in metals that they were surprised at low volatility yesterday. Gold for the first time in many weeks traded in less than a $10 range. Silver and copper were not volatile as they traded in a one way upward direction. The Fed, European central bank and others have been adding liquidity over the past few weeks. The trickle down effect takes time which will support precious metals and base metals soon.
There is a lack of major market moving news and it will be technical trade. Some of the traders will be preparing to go for holidays from next week. This could result in position squaring and rebuilding. Options expiry will also be the key. Volatility should increase.
Copper and other base metals have recovered and if they are able to hold on to current prices into next week, we expect further gains in all base metals. However investors still suspect yesterday’s gains and will invest only if it confirms that the rise in base metals is here to stay.
GOLD -- FEBRURAY FUTURE
Gold will trade in wider $790-$812 range for the day. A breakout is in the offing from the current trading range soon. For the rest of the year as long as gold holds $790 downside will be limited.
COPPER -- MARCH FUTURE
Copper has managed to hold key long term support at $277 and should target $307. Intra day support at $292. Only a consolidated break of $307 will result in $317.0
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 Thursday, 20 December 2007 | Digg This Article | Source: GoldSeek.com

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