-- Posted Tuesday, 15 July 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 15th July, 2008
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER SEPT 08-- $362.00 - $386.00
NYMEX CRUDE OIL- $140.60. - $148.40
EURO/USD-- TECHNCAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
1.5691
1.5762
1.5825
1.5888
1.5962
1.6020
1.6092
1.6211
GBP/USD-- TECHNCAL LEVELS
SUPPORT
RESISTANCE
S1
S2
S3
S4
R1
R2
R3
R4
1.9630
1.9690
1.9740
1.9809
1.9870
1.9913
1.9990
2.0034
GENERAL MARKET CONDITIONS
Precious metals rose on uncertainties over the US economy. Gold, silver and other precious metals are benefiting from safe haven demand. US government supporting bankrupt companies has not gone down well with investors. The US dollar will find sellers on any rise unless US economic numbers suggest that growth is here to stay. For precious metals to fall and the US dollar to gain the market needs news so that it switches its focus from the US economy to something else. Till then the US dollar will trade with a softer bias and precious metals will gain.
Production reduction of lead and zinc is over now. Short covering seems to be over. Unless demand of lead and zinc picks up, these metals will find sellers on any rise. In the short term zinc (LME 3 months) needs to break $2220 for gains. Lead (LME 3 months) needs to break $2448 for gains. Till these levels are not broken, gains in lead and zinc will be limited. Nickel continues to get hammered and needs to hold $19000 (LME 3 months) in the short term to be in a bullish zone. Demand for copper is stagnant. Unless demand rises, copper will trade steady. Copper prices would have fallen, but for a weaker US dollar.
NYMEX CRUDE OIL --FUTURE -- INTRA DAY PIVOT: $139.0
It needs to break $147 n hold for $150. Resistance of $139 is the support.
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
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for any losses incurred in connection with any decision made, action or inaction taken by any
partyin 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, 15 July 2008 | Digg This Article | Source: GoldSeek.com
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