-- Posted Tuesday, 29 July 2008 | Digg This Article | Source: GoldSeek.com

INSIGNIA CONSULTANTS
Asian Metals Market Update for 29th July, 2008
www.metalsignal.com trial over. For subscription contact Manish at 9311139549/011-32601392. For Resellers package also call Manish.
PLATINUM OCTOBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,648.00	$1,682.00	$1,708.00	$1,747.00	$1,796.00	$1,816.00	$1,865.00	$1,902.00
GENERAL MARKET CONDITIONS
The Bush administration projected the U.S. budget deficit will soar to a record of nearly half a trillion dollars in fiscal 2009 as a housing-led economic slowdown cuts into government revenues. The new report said the budget deficit would fall to $178 billion in 2010, and surpluses would emerge in 2012. However, the deficit projections did not include the full amount of funding for the wars in Iraq and Afghanistan or costly tax law changes, and acknowledged it would be a "challenge" to reach surpluses in 2012. A prudent overseas investor will not buy into US government instruments. Precious metals will benefit as a result of the same.
The US financial crisis is spreading from subprime borrowers to wealthier consumers, with evidence mounting that more affluent people are failing to pay their mortgages and credit card balances. Growing concerns over the financial health of richer borrowers are prompting banks and card issuers to tighten lending practices in moves that could further dampen consumer confidence and spending. More positive news for gold, that is all I can say.
Lead, zinc and other base metals will remain firm on reduced Chinese production capacity and firm global demand. Nickel should bottom out soon. Long term investors should invest in Nickel as the risk to return ratio is in favour of the buyers.
COPPER -- SEPTEMBER FUTURE -- INTRA DAY PIVOT: $354.0
200 day MA around $354 is the key support. Resistance is at 100 day MA around $378. Falls below $354 will result in $347 and $339.
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, 29 July 2008 | Digg This Article | Source: GoldSeek.com

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