-- Posted Thursday, 28 February 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 28th February, 2008
GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $960.0	COMEX SILVER -- MARCH FUTURE -- $1924.0
EXPECTED TRADING RANGE
GOLD APRIL 08   -- $944.0 -- $980.10	SILVER  MARCH 08  -- $1878.0 - $1990.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH 08   -- $376.00 - $392.00	NYMEX CRUDE OIL   - $97.00 - $103.50
GENERAL MARKET CONDITIONS
It’s just a consolidation phase for metals in a spectacular week. All the metals have performed exceedingly well this week. The US dollar continues to be ripped apart. The US dollar’s fall has resulted in commodities getting more expensive as they are all priced in US dollars. Short positions in metals (if any) are getting squared off and being converted into long positions. Momentum is certainly bullish in metals and day traders will hesitate to short at lower levels. Metals will only fall if and when there is profit taking at higher levels. At the moment markets are ignoring the negative news and buying on any positive news. This will continue into March also.
There is a deliberate attempt on the part of the Fed chairman to weaken the US dollar. In his testimony, Bernanke said the policy group would be “carefully evaluating incoming information bearing on the economic outlook and will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks.” In addition to his concern for growth, Bernanke had also recounted concern over inflation trends. Markets have already factored in another half of a percentage interest rate cut by the Fed by next month and there was no need to explicitly state the same. The Fed chairman is very scared that any negative interpretation of his comments will result in equity markets getting thrashed.
COPPER -- MARCH FUTURE -- INTRA DAY PIVOT: $384.0
Copper targets $390, $403 if it holds $375 and $365.0
NYMEX CRUDE OIL --  FUTURE -- INTRA DAY PIVOT: $97.52
Crude oil has to break $102.70 or hold $97.60 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, 28 February 2008 | Digg This Article | Source: GoldSeek.com

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