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Asian Metals Market Update for 27th December, 2007



By: Chintan Karnani, Insignia Consultants


-- Posted Thursday, 27 December 2007 | Digg This ArticleDigg It! | Source: GoldSeek.com

INSIGNIA CONSULTANTS

Asian Metals Market Update for 27th December, 2007

GOLD

SILVER

COMEX GOLD FEBRUARY FUTURE -- $826.30

COMEX SILVER -- MARCH FUTURE -- $1479.0

EXPECTED TRADING RANGE

GOLD FEBRUARY 08   -- $819.0 -- $839.00

SILVER  MARCH 08  -- $1458.0 - $1512.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER MARCH 08   -- $314.00 - $323.00

NYMEX CRUDE OIL   - $92.00 - $99.00

GENERAL MARKET CONDITIONS

Technical break out, thin market conditions, a weaker US dollar and stronger crude oil prices resulted in gold and silver edging higher. Crude oil has risen on expectations that US weekly crude oil inventories will fall. If crude oil inventories fall sharply then it can easily edge past $100. There is lack of major market moving news, volumes are low and even a small short covering results in prices rising.

Crude oil got support from the ongoing war between Turkey and Kurdish rebels in Northern Iraq. Unless geopolitical tensions ease crude oil will continue to rise. Higher crude oil prices and higher gold prices is more of a US dollar collapse story which will continue in the first quarter of 2008. The key question will be what will be top in crude oil, if it breaks and floats over $100.

Technical picture in gold, silver and crude oil is bullish. However they could fall, without altering the bullish trend as and when there is profit taking.

GOLD -- FEBRURAY FUTURE -- INTRA DAY PIVOT:$723

Gold targets $848 and $888 in short term as long as it floats over $812. Gold has to close below $812 to be in bearish zone.

 

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, 27 December 2007 | Digg This Article | Source: GoldSeek.com


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
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Website: www.insigniaindia.com
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