-- Posted Thursday, 7 February 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 7th February, 2008
GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $904.40	COMEX SILVER -- MARCH FUTURE -- $1655.0
EXPECTED TRADING RANGE
GOLD APRIL 08   -- $888.0 -- $919.00	SILVER  MARCH 08  -- $1620.0 - $1690.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $321.00 - $339.00	NYMEX CRUDE OIL   - $85.20.00 - $89.50
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GENERAL MARKET CONDITIONS
Speculation that the Fed will cut interest rates even before the next meeting in March along with short covering and subsequent position rebuilding resulted in gold and silver rising sharply. Power outages in South African gold mines are also supporting gold from falling. Base metals are finding buyers at lower levels on expectations that demand will start to rise once Chinese factories swing into full production after the New Year Celebrations are over. Copper and Lead will be more volatile, zinc at lower levels risk to return ratio is in favor of the buyer while Nickel should break out from the current range trade.
The Bank of England is expected to cut interest rates by a quarter of a percentage today while the European Central bank may change to a softer tone on interest rates. Gold and silver will be volatile and were unnerved by gains in the US dollar and declines in crude oil. Technically they are neutral to bullish. Friday’s close will set the tone for the rest of the month for gold and silver. A lower close on Friday will suggest more losses next week.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1676.0
Silver will consolidate in a wider $1630-$1680 range. A consolidated break of $1680 will result in $1696 and $1712.
COPPER -- MARCH FUTURE -- INTRA DAY PIVOT: $339.0
Back to square one for copper. If copper holds $316 this week then it should break $339 by next week.
NYMEX CRUDE OIL --  FUTURE -- INTRA DAY PIVOT: $85.20
Crude oil has to hold $85 or break $90 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
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 Thursday, 7 February 2008 | Digg This Article | Source: GoldSeek.com

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