VIEWS ON COMMODITY FOR 08-01-2009

COMEX GOLD TECHNICALS:This is the sideways trading we have pointed out to earlier! The metal is trading between the 61.8% correction at 835.40 as seen in the picture above and the key resistance for the medium term descending channel near 874.45 which is slipping further day after day. The downside trend will gain strength if gold breached the support level at 835.40 and trades below it on the four hour charts where our target will be 805.40. However currently, gold is still in a sideways channel and we expect to day for high volatility with slight upside corrections. Our expectations remain valid unless the metal builds a solid base above 890.55

COMEX SILVER TECHNICALS:Sharp trading is witnessed on the metal but up till now we have yet to see trading above the key resistance where if breached, this will open the way for silver to incline. Despite that, we expect high volatility today similar to yesterday's session if the metal failed to breach the 11.83 level and build a solid base above it.

NYMEX TECHNICALS-Just as we expected, crude fell sharply since most of the trading was below the 47.90 level where we also expect the price to continue falling today. However, this doesn't mean that we will not see slight upside waves unless the pair falls to levels below 46.75 which will then open the way to 39.10.
The trading range for today is among the key support at 39.10 and the key resistance at 48.50

EURO TECHNICALS;The incline seen by the pair during yesterday's session took it near the 100 hour MA that is found at the 1.3660 level which is just before a minor resistance level at 1.3670. The pair will once again retest this level but failind to breach it will result in a reverse to the downside that will be confirmed by trading below the 1.3560 with a hourly close.

MCX Gold Feb: Expect 13374 - 13406 levels to cap the upside for prices to move lower towards 12872 levels. Only a rise above 13626 to negate this Bearish view. S1: 13150 S2: 13085 R1: 13320 R2: 13410

MCX Silver Mar: Initially we expect 18530 -18628 levels to cap rallies for prices to move lower to support levels which lie in a range of 17378 - 17181. A breach of 17180 will take price lower towards 16705 -16770 levels. However a rise above 18661 will signal that the expected dip may not materialize and prices could move higher. S1:18000 S2:17700 R1:18600 R2:18820

MCX Crude Oil Jan : Expect 2203- 2234 levels to cap the upside for prices to move lower towards 2010 levels.Only a rise above 2255 to negate this Bearish view. S1: 2115 S2: 2065 R1: 2250 R2:2310

MCX Copper February: Expect 168.00 -171.00 levels to cap rallies for a move lower towards support levels which lie at 155.00 -152.75 levels. A rise above 171.35 levels could take the prices higher. S1: 160 S2:157 R1: 168 R2:172

MCX Zinc Jan: - Expect rallies to 63.00- 63.20 to find resistance for a move lower towards 59.00 levels .A rise above 63.25 would signal bullishness in prices. S1: 60.50 S2: 59.35 R1: 62.50 R2: 63.80

MCX Lead Jan: Initially price is expected to find resistance 57.7 - 58.00 levels for a move lower towards strong support levels at 55.25 ,from where price could turn upwards.S1: 55.50 S2: 54.20 R1: 57.40 R2: 58.35

MCX Nickel Jan: Expect rallies to 605.0 - 610.0 to find resistance for a move lower towards 565.0 -570.0 levels . A rise above 613.0 would signal bullishness in prices.S1: 570 S2: 550 R1: 620 R2: 645

MCX Natural Gas Jan :- Expect rallies to 290.0 - 296.0 to find resistance for a move lower towards 276.0 - 270.0 levels . A rise above 298.0 would signal bullishness in prices.S1: 280 S2: 275 R1: 292 R2: 300