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-- Posted Monday, 18 February 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 18th February, 2008
GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $913.40	COMEX SILVER -- MARCH FUTURE -- $1733.50
EXPECTED TRADING RANGE
GOLD APRIL 08   -- $893.0 -- $922.00	SILVER  MARCH 08  -- $1688.0 - $1770.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $336.00 - $360.00	NYMEX CRUDE OIL   - $93.60.00 - $98.50
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GENERAL MARKET CONDITIONS
There is a lot of positive gold/precious metals news in the form of UBS write downs, more write downs in CDO businesses, bank insurance firm FGIC splitting business to save itself, countrywide foreclosures at a record etc. If more of such news keeps on coming, investors will reduce investment in equities and increase investment in commodities and precious metals as an hedge. Pit Trading is closed today. It can be volatile trade due to thin volumes.
All eyes will be on crude oil for the next fortnight and it remains to be seen whether crude oil is able to break the $100 mark in February. If crude oil fails to break $100, it will once again fall back to the $85-$86 zone. Whenever there is a US holiday crude oil prices rise before that which suggest a nexus between oil companies and fund manager so that the end user ends up paying higher fuel prices. Then next key holiday is the Easter vacation in March. Crude oil should easily rise over $100 a barrel, if punters have their way.
Base metals will be volatile on uncertainty over Chinese demand and supply. LME copper stocks are continuously declining in 2008 which suggest that dips will be used as opportunities to go long in copper unless there is a technical breakdown.
GOLD -- APRIL FUTURE -- INTRA DAY PIVOT:$920.30
Gold has to break $913-$921 zone for gains to $932+. Support at $896.80 and $888.0
NYMEX CRUDE OIL --  FUTURE -- INTRA DAY PIVOT: $93.60
Back to the $92-$98 range. Needs to break $98-$101 zone for gains else it will trade in $93-$98 range for the day.
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 Monday, 18 February 2008 | Digg This Article | Source: GoldSeek.com

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