-- Posted Wednesday, 16 January 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 16th January, 2008
GOLD
SILVER
COMEX GOLD FEBRUARY FUTURE -- $900.40
COMEX SILVER -- MARCH FUTURE -- $1621.0
EXPECTED TRADING RANGE
GOLD FEBRUARY 08-- $894.0 -- $918.00
SILVERMARCH 08-- $1550.0 - $1690.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08-- $316.00 - $336.00
NYMEX CRUDE OIL- $90.50 - $94.00
GENERAL MARKET CONDITIONS
The fall in gold and silver is just profit taking and nothing else. Liquidity factors due to the continuous fall in stock markets and prices of base metals and energies also contributed to the fall. Gold created the new high just before the London pm fixing which suggests that punters were trying to ensure that prices rise whenever there is demand. Traders and investors are on edge over current prices. Momentum is bullish while technically overbought; this has created nervousness in the mindset of day traders and jobbers which will add to the volatility.
This is not a market to put stop loss as stop losses are bound to be hit. Yesterday one of our clients sold Comex gold February around $913 and put a stop loss of $915 which was hit. This is market when stop losses and limit orders are useless for the day trader. Please buy market and exit on market prices. Monday US markets are closed due to Martin Luther King holiday. Traders will use sharp dips before Monday to go long.
GOLD -- FEBRURAY FUTURE -- INTRA DAY PIVOT:$888.0
Failure of gold to break $918-$923 zone by Monday will result in $888 and $860 once again. Initial resistance at $907.0
COPPER -- MARCH FUTURE -- INTRA DAY PIVOT: $338.70
Triple top formation around $339 will result in a fall to $316 and $303.
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 employeeshave any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
partyin reliance upon the information provided in this material; or in any delays, inaccuracies,
errors in, or omissions of Information.
-- Posted Wednesday, 16 January 2008 | Digg This Article | Source: GoldSeek.com
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