-- Posted Tuesday, 8 January 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 8th January, 2008
GOLD
SILVER
COMEX GOLD FEBRUARY FUTURE -- $864.50
COMEX SILVER -- MARCH FUTURE -- $1537.50
EXPECTED TRADING RANGE
GOLD FEBRUARY 08-- $856.0 -- $877.00
SILVERMARCH 08-- $1510.0 - $1600.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08-- $309.00 - $321.00
NYMEX CRUDE OIL- $94.00 - $99.00
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GENERAL MARKET CONDITIONS
It was an excellent performance by gold yesterday as it did not fall despite the fall in crude oil prices. Gold is finding buyers on dips. Retail investors are investing as if gold prices will never ever fall.Crude oil is in a neutral zone. Wednesday’s US weekly crude oil inventories will determine the trend and whether it edges past $100 or not. However if warmer weather continues in eastern USA for a longer duration then crude oil could fall even if US inventories fall. Silver is getting caught between precious metals and base metals. Its inability to rise in line with gold has resulted in investors preferring gold to silver as their preferred mode of investment.
The technical picture in gold and silver is still bullish. However failure to break the previous week’s high will result in profit taking and yet another opportunity to go long.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1512.0
Silver has to break $1559-$1574 else a fall to $1483 and $1456 is in the cards.
COPPER -- MARCH FUTURE -- INTRA DAY PIVOT: $322.0
Copper needs to break $321 for $337 and $350. On the lower side a consolidated fall below $312 will result in $303.0
HAPPY PROFITABLE TRADING
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prices of specific currencies, precious metals, base metals, or equity indices reflect the views
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-- Posted Tuesday, 8 January 2008 | Digg This Article | Source: GoldSeek.com
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