-- Posted Friday, 18 January 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 18th January, 2008
GOLD
SILVER
COMEX GOLD FEBRUARY FUTURE -- $872.90
COMEX SILVER -- MARCH FUTURE -- $1577.0
EXPECTED TRADING RANGE
GOLD FEBRUARY 08-- $858.0 -- $900.00
SILVERMARCH 08-- $1538.0 - $1640.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08-- $311.00 - $332.00
NYMEX CRUDE OIL- $88.00 - $93.00
GENERAL MARKET CONDITIONS
Apart from liquidity factors, lower crude oil prices are negatively affecting gold and silver. China is an export dependent country, if US and European growth slows down the Chinese economy will also cool and there will be less demand for base metals which will increase global inventory of base metals and cause a reduction of speculative interest in the short term. Gold will be caught between being a safe haven hedge and a corollary to crude oil prices which will only increase volatility. The spectacular rise of gold in January will result in greater investment demand and greater physical demand at lower levels.
Monday, pit trading is closed while electronic trading is open. There will be position squaring and rebuilding for the extended weekend.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1552
Silver has to hold $1538 and $1512 or break $1628- $1638 for direction.
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
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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 Friday, 18 January 2008 | Digg This Article | Source: GoldSeek.com
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