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-- Posted Tuesday, 22 January 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 22nd January, 2008
GOLD	SILVER
COMEX GOLD FEBRUARY FUTURE -- $863.20	COMEX SILVER -- MARCH FUTURE -- $1568.0
EXPECTED TRADING RANGE
GOLD FEBRUARY 08   -- $847.0 -- $884.00	SILVER  MARCH 08  -- $1502.0 - $1622.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $301.00 - $327.00	NYMEX CRUDE OIL   - $86.00 - $91.00
GENERAL MARKET CONDITIONS
There is nothing new about the current fall in gold and the stock markets. The global slump in stock markets created margin pressures which in turn resulted in investors closing their gold long positions and then bears trying to take charge of the markets. The fall in gold and Indian equity markets has been very healthy and was necessary for sustainability of the long term bull markets. Since the fall has been at the beginning of the year, investors must have realized that no market is invincible and that they need to keep on booking profits on their investments even if targets come in earlier and reinvest on dips. I had written earlier also that gold’s rise was excessive and after the current fall the rise will be orderly. The same is with the BSE Sensex where stocks with nothing in store tripled in less than two months.
Gold should form a bottom this week and rise, unless equity markets continue to fall. Central banks will not be sitting idle; they will continue to put billions into markets today. Traders who are stuck at higher levels will use the rise as an exit opportunity; some may also try to average out. The current fall could be another investment opportunity if key technical supportd hold.
GOLD -- FEBRURAY FUTURE -- INTRA DAY PIVOT:$856
Gold has to hold $847 and $835 on closing basis else it will fall to $809 and $770.0 On the higher only a break of $874 and $888 will result in gains.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1538.0
Silver has to hold $1538 else it will fall to $1512 and $1476. On the higher side the region of $1608, $1652 are the resistances.
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 Tuesday, 22 January 2008 | Digg This Article | Source: GoldSeek.com

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