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MCX & COMEX OUTLOOK FOR 23rd NOVEMBER 2010

Mcx Gold Dec: Rallies to 20280/20360 to hold for a decline towards 19400/18800 now. Break of 20400 will negate this bearish view.
S1 19260 S2 18750 R1 20360 R2 20500

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Mcx Silver Dec: Prices to find resistance near 42200/42600 levels again for a move lower towards 40200/38200 now.
S1 39400 S2 38200 R1 42000 R2 42600

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Mcx Copper Nov: Prices to find resistance near 378/379 to hold for a move lower towards 365/357/330(ST) now. Prices to break above 388 to cause doubt on this view.
S1 363.50 S2 356 R1 380 R2 388

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Mcx Crude Dec: Resistance seen at 3745/3770 could drag prices towards 3600/3560 levels now, break above 3800 to dent this bearish view.
S1 3600 S2 3560 R1 3740 R2 3827

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MCX Nickel Nov: Sell on rallies to 984/992 targetting 940/880. Break of 1017 to dent this view.
S1 938 S2 870 R1 1009 R2 1031

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MCX Lead Nov: Good selling pressure is seen below 99 levels towards 97/91 now.
S1 97 S2 90 R1 104 R2 108.80

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MCX Zinc Nov: Prices to find resistance near 98/99.90 to hold for a move lower towards 91/85 now.
S1 90 S2 85 R1 101.80 R2 103.60

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MCX Nat gas Dec: Dips to 200/198 to hold for 212/220 now. Unexpected break below 192 to cause doubt on this view.
S1 192 S2 186 R1 218 R2 229

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NCDEX Steel Long Dec: Rallies to 24920 to hold for a move lower towards 24600/24000 now. Unexpected break above 25120 to dent this bearish view.
S1: 24600 S2: 24000 R1: 25120 R2: 25700


MCX GOLD TRADING STRATERGY ::

The trend has turned up.

Prices have taken resistance of 20156 as stated in our recent reports.

However, gold manages to close above breakout of Rs. 20110.

Cover any short positions on dips to Rs. 20104 – Rs. 20051 or below as the opportunity arises.On sustain rise above Rs. 20156, expect price to go to Rs. 20280 – Rs. 20475 levels.A trading stop loss will be placed at Rs. 19915.

MCX SILVER TRADING STRATERGY ::

The trend is up.

Prices have take resistance at 78.6% correction of the recent fall from Rs. 43174 – Rs. 38338.If the high of Rs. 42078 do not get crossed then expect a sideways to downward momentum in near terms.Ideally, book profits on rise to Rs. 42000 or above.Buy on rise above Rs. 42078 with low of the day stop loss or Rs. 41200 whichever is lower.