-- Posted Thursday, 3 April 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 3rd April, 2008
GOLD
SILVER
COMEX GOLD JUNE FUTURE -- $907.60
COMEX SILVER -- MAY FUTURE -- $1738.50
EXPECTED TRADING RANGE
GOLD JUNE 08-- $994.0 -- $925.00
SILVERMAY 08-- $1700.0 - $1820.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MAY 08-- $382.00 - $397.00
NYMEX CRUDE OIL- $101.60. - $109.50
GENERAL MARKET CONDITIONS
Bernanke does it again for commodities after he said that the U.S. economy may slip into recession, but said growth should pick up later this year as the impact of interest rate cuts and other emergency steps take root. Nothing special over these comments and that the rise in precious metals and base metals was due to short covering and fresh position building before the March payrolls. Crude oil prices rose sharply after the US inventory numbers. Markets are just searching for an excuse to go long in crude oil and energy prices. It will be volatile trade for the rest of the week in all metals and energies.
March payrolls are expected to be negative 50,000 and if the number comes in lower than expected, chances of a half a percentage interest rate cut will rise and the euro/usd will test 1.60. Precious metals will also rise. The Indian rupee has been volatile against the US dollar following the equity markets. Unless the rupee breaks 40.25 against the US dollar in the short term, the rupee will gain to 39.80 and 39.50. Fridays close will set the direction for the rest of April in all metals and energies.
COPPER -- MAY FUTURE -- INTRA DAY PIVOT: $392.0
Copper has to break $394-$397 for $402 and $409. If copper fails to break $397 then a fall to $379 and $369 is on the cards.
NYMEX CRUDE OIL --FUTURE -- INTRA DAY PIVOT: $97.60
Crude oil is bullish over $102.60. Still a sell on rise strategy till $110 is not broken.
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 employeeshave any liability
for any losses incurred in connection with any decision made, action or inaction taken by any
partyin reliance upon the information provided in this material; or in any delays, inaccuracies,
errors in, or omissions of Information.
-- Posted Thursday, 3 April 2008 | Digg This Article | Source: GoldSeek.com
1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email: chintan@insigniaindia.com
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Disclaimer
The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com,
is strictly prohibited. In no event shall GoldSeek.com or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
OilSeek.com
