VIEWS FOR 13 TH FEB 2009

MCX Gold April: Supports are still centered around 14562-14577 and a fall below this level could drag prices lower towards 14329. However, as long as 14562-14577 holds, we expect a rally towards 15030-15076. S1: 14432 S2: 14119 R1: 14860 R2: 15076

MCX Silver Mar: Supports are at 20966-20982. Favored view expects supports to hold for a rally towards 22024.However, fall below 20982 and more importantly 20840 to lead into a corrective decline towards 20287 or 20050.S1: 21045 S2: 20715 R1: 21800 R2: 22030

MCX Copper February: Resistances at 168.5/170 presently. Could even stretch towards 171/172 levels.But any sustained bullish rally looks unlikely unless 176.5/177.5 is broken decisively. S1: 164 S2: 160 R1: 168 R2: 172

MCX Crude Oil Feb : Rise above 1684/1685 to result in a corrective pullback towards 1760 or even higher towards 1870. dips to 1653 to find support. Stop will be at 1623. S1: 1680 S2: 1650 R1: 1760 R2: 1870

MCX Zinc Feb: - Inability to cross 56.0 levels on the upside will lead to another session of weakness leading to a fall towards strong supports which lie in the range 55.7 ; 54.75 . However a rise above 56.5 levels could trigger a rally towards 57.7 levels. S1: 55.60 S2: 54.70 R1: 57.15 R2: 58.00

MCX Lead Feb: Price likely to stay weak for the session and test supports at 55.7, 54.70 on the downside.However a break above 57.25 could once again take price towards strong resistance at 58.60 levels.
S1: 55.20 S2: 54.50 R1: 57.8 R2: 58.30

MCX Nickel Feb: Nickel seems to be in free fall. Next level of support at 481;471 level. Rallies if any likely to capped below 510 for move beyond 470 toward 460 level.S1: 492 S2: 481 R1: 517 R2: 530

GOLD TRADING STRATERGY:-The trend is up.
Hold your long positions with a stop loss at Rs 14235.
Further buy only on a rise above Rs 14825.
Intra-day traders can wait for a fall below Rs 14730 or Rs 14635 and when it rises above Rs 14730 or Rs 14635 then buy with the low below Rs 14730 or Rs 14635 as the stop loss.
MACD histogram is in the positive zone. The 14 day RSI is moving up and now near the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 14879 – Rs 14974.

SILVER TRADING STRATERGY:-The trend is up.
Hold your long positions with a stop loss at Rs 20540.
Further buy only on a rise above Rs 21575.
Intra-day traders can wait for a fall below Rs 21009 and when it rises above Rs 21009 then buy with the low below Rs 21009 as the stop loss.
MACD histogram is now in the positive zone. The 14 day RSI is moving down and now above the 70 mark.
Open interest witnessed significant fall with the rise in price indicating short positions unwinding.
Resistance is seen at Rs 21543 – Rs 21823.