-- Posted Tuesday, 5 February 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 5th February, 2008
GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $908.50	COMEX SILVER -- MARCH FUTURE -- $1674.0
EXPECTED TRADING RANGE
GOLD APRIL 08   -- $893.0 -- $924.00	SILVER  MARCH 08  -- $1622.0 - $1710.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $326.00 - $340.00	NYMEX CRUDE OIL   - $87.20.00 - $92.20
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GENERAL MARKET CONDITIONS
It’s a technical trade in all metals and energies in the absence of major market moving news. Gold and silver will continue to find buyers at lower levels unless there is a short term technical breakdown. Some of the retail investors who are stuck at higher levels will average out at lower levels. For the rest of the week gold will consolidate before the next move. Physical demand is still not there in India. Investment demand will continue to dictate gold and silver. Based metals will find buyers at lower levels as markets prepare for greater Chinese demand after the Chinese New Year celebrations are over.
President George W. Bush’s $3.1 trillion federal budget that trims Medicare and health care programs and boosts military spending projects the deficit this year and next will hit near-record levels. If the spending does not reverse the growth rates of the US economy, the US dollar could again nosedive. This is an election year in the US and all the politicians in the US try to ensure that a temporary feel good factor is there among the voters.
GOLD -- APRIL FUTURE -- INTRA DAY PIVOT:$919.0
Gold has to break $919 for gains else it will trade in $895-$919 wider range.
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 Tuesday, 5 February 2008 | Digg This Article | Source: GoldSeek.com

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