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Asian Metals Market Update for 30th June, 2008



By: Chintan Karnani, Insignia Consultants


-- Posted Wednesday, 30 July 2008 | Digg This ArticleDigg It! | Source: GoldSeek.com

INSIGNIA CONSULTANTS

Asian Metals Market Update for 30th July, 2008

EXPECTED TRADING RANGE

GOLD DEC 08   -- $910.0 -- $950.00

SILVER  SEPT 08  -- $1660 - $1820.00

COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE

COPPER SEPT 08   -- $354.00 - $378.00

NYMEX CRUDE OIL   - $119.60. - $128.40

www.metalsignal.com trial over. For subscription contact Manish at 9311139549/011-32601392. For Resellers package also call Manish.

GENERAL MARKET CONDITIONS

The US dollar – crude oil and precious metals relationship continues as both crude oil and precious metals fall while the US dollar gets stronger. As long as the US dollar gains the downward pressure on metals and energies will continue. I had mentioned in my earlier report that higher crude oil prices have a lagging effect which has now started trickling by way of lower consumption of crude oil and people getting more energy efficient. As this process continues crude oil demand from the US, Europe and other developed nations will fall while demand from emerging nations will continue to rise due to government subsidy. 

Sustained lower crude oil prices will benefit equity markets and base metals prices only. Crude oil prices have to remain around current prices or fall over the next few weeks for global equities to rise and also base metals. Higher equity markets will increase global consumption and greater demand for base metals. Nickel prices are near production cost. Copper and platinum are expected to end the year in a deficit. One needs to look for a bottom in these and invest.

The next seven days are very crucial for all metals, energies and the US dollar. We have the US June non farm payrolls on Friday, the Fed meeting next week and two US weekly crude oil inventories.  These will only increase volatility. Technically gold, silver and crude oil are bearish as they trade below the 100 day moving averages. They need to close over the 100 day moving averages on Friday to be in a bullish zone. A close below the 100 day moving averages on Friday will result in the 200 moving averages being tested.

SILVER -- SEPTEMBER FUTURE -- INTRA DAY PIVOT $1777.0

Caught between 100 day MA (1774) and 200 day MA (1663). Silver needs to break either of them for direction $1626 or $1840 as the case may be.

 

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, 30 July 2008 | Digg This Article | Source: GoldSeek.com


1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email:



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