-- Posted Friday, 23 May 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 23rd May, 2008
EXPECTED TRADING RANGE
GOLD JUNE 08-- $900.0 -- $932.00
SILVERJULY 08-- $1727.0 - $1830.00
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GENERAL MARKET CONDITIONS
Global trading volumes will fall as the day progresses due to US and UK holidays on Monday. Retail investors and traders will be going on their extended weekend. But the markets will not sleep. Early May, UK markets were closed and the US markets was open, when comex copper July futures rose to $428.70 from $384 in a few minutes only to crash thereafter. Do not expect markets to sleep on Monday. There could be brief phases of high volatility. Once again the US dollar and crude oil prices will drive most of the commodities.
Base metals got the thrashing on expectations that higher crude oil prices will result in a further slowdown in global growth. The second round effects due to higher crude oil prices is yet come. If over the next few months global growth (including China) does not slowdown as much then base metals will rise. Technically lead, zinc and nickel are in the oversold zone and a technical correction can come up anytime.
COPPER -- JULY FUTURE
100 day MA at $365.20 is the key support. A consolidated fall below $365.20 will result in $348.20.
HAPPY PROFITABLE TRADING
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-- Posted Friday, 23 May 2008 | Digg This Article | Source: GoldSeek.com
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