VIEWS & TRADING STRATEGY FOR 29th JANUARY 2009

TRADING STRATEGY :-

MCX GOLD :

The trend is up. Hold your long positions with a stop loss at Rs 13475. Further buy only on a rise above Rs 14090.
Intra-day traders can wait for a fall below Rs 13943 or Rs 13804 and when it rises above Rs 13943 or Rs 13804 then buy with the low below Rs 13943 or Rs 13804 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving down and now below the 70 mark. Open interest witnessed significant fall with the fall in price indicating long positions unwinding.

Resistance is seen at Rs 14033 – Rs 14172.

PIVOTS :
DAILY CLOSING REVERSAL : 13690


MCX SILVER :

The trend is up. Hold your long positions with a stop loss at Rs 18850. Further buy only on a rise above Rs 19600.
Intra-day traders can wait for a fall below Rs 19105 and when it rises above Rs 19105 then buy with the low below Rs 19105 as the stop loss. Resistance is seen at Rs 19462 – Rs 19653.
DAILY CLOSING REVERSAL : 18864

COMEX PIVOT LEVELS
SUP-1 878.70 SUP-2 870 PIVOT- 891 RES-1 899.50 RES-2 912

VIEWS  FOR  THE  DAY

MCX Gold Feb: Ideally, 13821 should hold support, failing which we could see a further dip towards 13680 levels now.Favored view still expects supports to hold for a rise towards 14730 levels as long as supports hold.S1: 13975 S2: 13900 R1: 14150 R2: 14225

MCX Silver Mar: Crucial near-term support at 18964/18996. Fall below could lead prices towards 18369/18402 from where prices can find support again for a rally higher towards 20009.
S1:19000 S2:18750 R1:19500 R2:19785

MCX Copper February: Fall below 155 to lead prices lower towards 148 and 140.Only a daily close above 175 to re-inforce bullish expectations again.S1: 157 S2:154 R1: 165 R2 : 171

MCX Crude Oil Feb : A decline could be seen, targeting 1929. Fall below 1917 might see it attempting 1895.Ideally a strong recovery towards 2132/2157 should begin after this decline.
S1: 2000 S2: 1945 R1: 2110 R2: 2165

MCX Zinc Jan: - Rallies to 55.85 , 56.35 likely to find resistance for a move lower towards 53.0 levels.Only a rise above 56.7 to negate this bearish view.S1: 54.0 S2: 53.0 R1: 56.5 R2: 57.15

MCX Lead Jan: Expect rallies to 57.65 : 57.90 likely to find resistance for a move lower towards 53.50 levels.Only a rise above 58.25 to negate this bearish view.S1: 55.00 S2: 54.00 R1: 57.25 R2: 58.30

MCX Nickel Jan: Expect rallies to 578 : 585 likely to find resistance for a move lower towards 552 levels.Only a rise above 589 to negate this bearish view.S1: 565 S2: 542 R1: 587 R2: 605.

MCX Natural Gas Feb: - A break of the range 214 :225 will decide the nest directive move. S1: 214 S2: 209 R1: 222 R2: 228