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Monday, December 11, 2006

Precious Metals in tight range await for Tuesday Fed Meeting

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Comex gold and silver futures are trading near unchanged levels as the market eyes Tuesday's Fed meeting. The precious complex is feeling light pressure from the dollar's slightly firmer tone ahead of the rate decision.

We have enought support at 622-624 levels
With next support lying at 615-619.
However, Gold is already in oversold territory, with development going on still for a 3rd wave, we are looking for a rally very soon, and the correction should be ending. With Various Activities this week, which shall affect USD, Precious Metals and Crude Oil.
We expect a heavy movement appearing from Tuesday onwards.

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