-- Posted Thursday, 29 May 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 29th May, 2008
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY 08   -- $362.00 - $382.00	NYMEX CRUDE OIL   - $125.80. - $134.40
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GENERAL MARKET CONDITIONS
The US dollar has gained against the euro and yen as markets fully factor a hundred percent chance of no rate cut in the end of June meeting. In June Eurozone and Asian growth will be the key for the US dollar as US growth is already discounted. If they falter and inflation zooms in these regions, the US dollar could pare some of its 2008 losses. Overall June will be a volatile month for the currency markets. Crude oil traders will be preparing for the upcoming US hurricane season. For the base metals Chinese demand will be the key. Zinc and Nickel can fall further in June if demand does not rise as much. For copper it’s better to remain on the sidelines.
If crude oil falls, gold and silver fall more. Whereas when crude oil rises, gold and silver do not rise as much. This is not a short term positive sign. Crude oil prices will be the key for gold and silver in the short term. If crude oil remains firm, gold will continue to find buyers on sharp dips. Gold June futures are expiring tomorrow. Traders and investors have started investing for June. In June spot gold will trade in a wider $850-$950 range. A break from the $850-$950 zone will be there if the US dollar and energy prices change track.
SILVER -- JULY  FUTURE
Silver has to close over $1754 tomorrow else it will fall back to the $1696, $1606 zone.
NYMEX CRUDE OIL
As long as crude oil holds $124.80 downside will be limited and it will target $135 once again.
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.
Nothing in this article is, or should be construed as, investment advice.

-- Posted Thursday, 29 May 2008 | Digg This Article | Source: GoldSeek.com

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