-- Posted Friday, 1 August 2008 | Digg This Article | Source: GoldSeek.com
INSIGNIA CONSULTANTS
Asian Metals Market Update for 1st August, 2008
GENERAL MARKET CONDITIONS
All eyes will be on the US July non farm payrolls today and the Fed meeting next week. Traders will be taking their positions before them. The US dollar has pared all of its losses in July. Unless US economic numbers beat street expectations gains in the US dollar could be short lived. The soothing factor is lower crude oil prices. July has been a turbulent month with comex gold futures (1st contract) rising to $991 only to fall to $895. Nearly a $100 slide from the high. Silver, crude oil and copper all have taken a dive.
In August lower crude oil prices will be negative for gold and silver, but will be bullish for base metals and equity markets. Lower crude oil prices will reduce fears of global slowdown and will aid base metals. China is trying to close factories near Beijing to reduce air pollution during the Olympics which will curtail base metals production and also lower Chinese demand. In August the key market moving factors are (A) US dollar (B) Crude oil (C) Hurricanes in the Gulf of Mexico (if any) (D) Geopolitical risk (E) Growth differentials between US and other nations.
SILVER -- SEPTEMBER FUTURE -- INTRA DAY PIVOT $1777.0
Failure of silver to break $1830 and $1930 in August will result in a fall to $1670 and $1626 in August.
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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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 Friday, 1 August 2008 | Digg This Article | Source: GoldSeek.com
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