-- Posted Friday, 1 February 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 1st February, 2008
GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $931.70	COMEX SILVER -- MARCH FUTURE -- $1694.0
EXPECTED TRADING RANGE
GOLD APRIL 08   -- $917.0 -- $942.00	SILVER  MARCH 08  -- $1652.0 - $1760.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $324.00 - $340.00	NYMEX CRUDE OIL   - $89.20.00 - $93.20
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GENERAL MARKET CONDITIONS
For once silver, copper and other base metals outperformed yesterday on expectations that the Fed interest rate cut will result in continued higher investment demand apart from lingering production issues from China. Technically the picture in zinc, lead and copper is fairly bullish and if they close higher today one should expect eight percent to ten percent gains in these metals next week. In base metals there are still short positions which are yet to be covered and if they continue to rise some of the short positions will get converted into long positions and further boost to the prices. Today’s close is very important for all the base metals.
The only risk for lower gold prices is that of stronger than expected US January payrolls over 150,000 which could result in expectations that the Fed may not cut interest rates in March. Gold is firm and will continue to find buyers on dips unless there is a technical breakdown. Silver has finally started firing and hopefully February should be the beginning of the bull run and silver gets its due. Crude will track the US dollar.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1692.0
Silver should target $1712 and 1760 as long as $1682 holds. A fall below $1682 will result in $1652 and $1612.0
NYMEX CRUDE OIL --  FUTURE -- INTRA DAY PIVOT: $89.54
In the short term as long as crude oil holds $85 it will target $95 and $102+. Crude oil has to fall below $85 for further gains.
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 Friday, 1 February 2008 | Digg This Article | Source: GoldSeek.com

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