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-- Posted Friday, 2 May 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 2nd May, 2008
GOLD	SILVER
COMEX GOLD JUNE FUTURE -- $852.20	COMEX SILVER -- JULY FUTURE -- $1624.0
EXPECTED TRADING RANGE
GOLD JUNE 08   -- $838.0 -- $888.00	SILVER  MAY 08  -- $1550.0 - $1750.00
This is just an excerpt of the main report. To receive a copy of the full report mail a request to sms@insigniaindia.com
GENERAL MARKET CONDITIONS
Markets expect crude oil to rise to $150 in 2008 and $200 in 2009. In June 2007, there was a hurricane in the Persian Gulf which had affected crude oil shipments from the Middle East. Further there was not a single major hurricane in the Gulf of Mexico. In 2008 if there is any major hurricane in either the Persian Gulf or in the Gulf Mexico, crude oil can easily break past $150. Demand from Asia and other emerging markets will continue to rise in 2008 as petrol and diesel prices are subsidized here. The common man is yet to get the feel of crude oil prices over $100. In 2008 Crude oil has been supported by continued investment demand and supply disruptions in Nigeria and the North Sea. Nigerian crude oil and North Sea crude oil are the lightest in the world and need much less refining. That’s why crude oil rises faster whenever there is a production outage in these regions.
The much overhyped US April payrolls is there today. I will prefer to trade in the technical unless the numbers are positive. Technically the US dollar is bullish against the major currencies. Euro/usd has to close over 1.5370 to prevent a test of key medium term support of 1.5160 while a close over 105.20 for the yen against the US dollar can result in 107.40 in May. The Cable will remain volatile. Physical demand of gold from India will rise on every fall ahead of the marriage season.
COPPER -- JULY FUTURE
Failure to rise and break past $404 in the past two weeks resulted in the sell off. Copper needs to close over $383 today else it may fall to $363 and $359.10 next week.
NYMEX CRUDE OIL
Crude oil has to hold $109.20 to be in bullish zone else it will fall to $107.50 and $104.80 in short term.
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 Friday, 2 May 2008 | Digg This Article | Source: GoldSeek.com

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