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-- Posted Tuesday, 10 June 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 10th June, 2008
EXPECTED TRADING RANGE
GOLD AUG 08   -- $869.0 -- $908.00	SILVER  JULY 08  -- $1660.0 - $1760.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER JULY 08   -- $348.00 - $372.00	NYMEX CRUDE OIL   - $125.60. - $139.40
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GENERAL MARKET CONDITIONS
The US dollar made a complete U turn after the Fed chairman once again expressed his concerns of a weaker US dollar causing inflation. US Treasury Secretary Paulson confirmed that the US government is not ruling out any policy tool including intervention.  The last time the Federal Reserve intervened in the currency markets was shortly after the launch of the Euro.  At that time, the currency fell to a low of 84 cents, triggering panic for the European Central Bank (ECB).  In the first ten days of June the Fed and European central banks, the  two major central banks shifting their focus to inflation, has resulted in a fight between US dollar bulls and US dollar bears. The Fed has surprised the markets more than the ECB. This has resulted in US dollar short positions getting covered and fresh long positions being created.
Metals will be volatile. Intervention is a strong word used sparingly by central banks. Unlike the ECB and bank of Japan where it has been all words and no action in the past. The Federal Reserve should mean business. Till the Fed meeting on 24-25th June, comments from various central banks will not let traders sleep.
SILVER -- JULY  FUTURE -- INTRA DAY PIVOT $1713.0
If silver fails to break $1860 in June then it will fall to $1606 and $1550 in the short term. Comex silver July futures are expiring this month.
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 Tuesday, 10 June 2008 | Digg This Article | Source: GoldSeek.com

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