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-- Posted Wednesday, 18 June 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 18th June, 2008
EXPECTED TRADING RANGE
GOLD AUG 08   -- $869.0 -- $902.00				SILVER  JULY 08  -- $1656.0 - $1810.00
This is just an excerpt of the main report. For a free 14 days trial, mail a request to sms@insigniaindia.com
EURO/USD  -- TECHNCAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
1.5330	1.5380	1.5435	1.5473	1.5577	1.5602	1.5614	1.5714
GBP/USD  -- TECHNCAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
1.9280	1.9392	1.9438	1.9508	1.9574	1.9630	1.9690	1.9794
GENERAL MARKET CONDITIONS
Federal regulators said that they would place stricter limits on foreign exchanges that trade American oil as concerns continue to grow about the role of speculation in rising fuel prices. Some lawmakers said the move was long overdue. Under the new agreement, foreign officials also will share daily trading data with American authorities and report any violations. Previously they shared data on a weekly basis.
The U.S. commodity futures regulator said that ICE Futures Europe has agreed to make permanent position and accountability limits for some of its U.S.-traded crude contracts, subjecting itself to the same regulatory oversight as its New York based counterpart. Following intense scrutiny and censure by Congress over skyrocketing oil prices, the U.S. Commodity Futures Trading Commission also said it would require daily large trader reports, and similar position and accountability limits from other foreign exchanges. Specifically, the agreement will require trader reports on positions in the benchmark U.S. crude contract -- the West Texas Intermediate contract -- traded on the ICE Futures exchange. The contract is linked to the WTI contract on the regulated New York Mercantile Exchange. ICE has 120 days to implement the new reporting requirements.
This move by the CFTC will not slowdown the investment demand in crude oil. In the short term it may reduce the pace of gains in crude oil. The prime reason for the rise in crude oil prices and commodity prices is lack of alternate investment especially when global equity markets are on the grip of the bears. For the commodity prices to slowdown the pace of rise, new alternate investment avenues should be made available till then the rise will continue. The current commodity bull run is not a bubble. It is backed by solid fundamentals. The only thing which I am concerned about is the pace of rise. The global population is rising every second. Land area is the same, one can use it to build cities, sports and entertainment centres OR grow more crops and other essentials which reduce supply shortages. This is for the global leaders to decide. Till then one should continue to invest in commodities.
COPPER -- JULY FUTURE
Copper now targets $371 and $377 as long as $358 holds.
NYMEX CRUDE OIL --  FUTURE -- INTRA DAY PIVOT: $131.60
Only a fall below $130.65 will result in $127.60 and $121.60. On the higher side $138.10-$141.40 is the resistance zone.
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 Wednesday, 18 June 2008 | Digg This Article | Source: GoldSeek.com

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