-- Posted Wednesday, 28 May 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 28th May, 2008
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY 08-- $362.00 - $382.00
NYMEX CRUDE OIL- $122.80. - $135.40
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GENERAL MARKET CONDITIONS
Sterling failed to break 2.0040 and fell to 1.9716. A close below 1.9580 on Friday will result in sterling falling to 1.9238 in June. Sterling has to close over 1.9580 on Friday to have some hope of gains in June. The Euro fell against the US dollar on expectation that growth in the Eurozone may have topped out. The fall in commodity prices resulted in the loonie and Australian dollar falling. One should expect more short term losses for the commodity currencies in the short term. Overall a very volatile week with oil prices the key for the US dollar.
Nickel has been finding buyers on its rise. There are more longs in Nickel than short. Traders are using the rise in Nickel to exit their longs. In the short term, if LME Nickel fails to break $26500 then it may fall below $20,000. Zinc and lead will be volatile caught between a long term bullish trend and the short term bearish zone. Copper should break the $360-$390 zone next month.
GOLD -- AUGUST FUTURE
If gold fails to break the $945-$955 zone in the next two weeks then it will fall to $843.60
HAPPY PROFITABLE TRADING
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-- Posted Wednesday, 28 May 2008 | Digg This Article | Source: GoldSeek.com
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