VIEWS WITH TRADING STRATEGY FOR 16TH MARCH 2009

MCX Gold April: Test of 15600 – 15650 seems within reach as long as 15155 holds . Fall below 15155 would cause doubts about this bullish view. Such a dip could drag
the price a little lower towards 14957 before showing an upturn for the expected rally. The favored view is that there is a chance to touch 15651 while we stay above 15155.
S1: 15190 S2: 14990 R1: 15400 R2: 15600

MCX Silver May: Structure shows bullishness for a rise towards minimum 22590 or ideally towards 23060. Fall below 21730 would most probably change this outlook.
If this view fails that would be first indicated by drop below 21730 followed by a breach of 21020. Favored view expects 21730 to hold for next rise.S1: 21930 S2: 21530 R1: 22300 R2: 22650

MCX Copper April: As long as 182/184 holds support, expect a move towards 202 followed by 210.Break below 182 to negate this bullish view.S1: 184 S2: 179 R1: 192 R2: 195

MCX Crude Oil April : A dip to supports is anticipated first towards 2235, 2210 or maximum 2195. Ideally next rally towards levels above 2625 should begin after this decline.
Fall below 2195 would hint at further weakness towards 2152 or 2080.Do not buy without a confirmed upturn. Unexpected rise above 2528 would change this view.
S1: 2375 S2: 2325 R1: 2450 R2: 2500

MCX Zinc March: As long as 62.2 holds support, expect a move towards 63.0 followed by 63.4 where it can find resistance.Break below 62.0 to negate this bullish view.
S1: 62.0 S2: 61.0 R1: 63.0 R2: 63.5

MCX Nickel March: As long as 492 holds support, expect a move towards 501 where it can find resistance. Break below 492 to negate this bullish view and can drag prices to 481 levels.S1: 492 S2: 481 R1: 501 R2: 510

MCX Natural Gas March : -.Prices may move down and find support at 200/201 levels. Moves beyond 207/208 to negate our bearish view.S1: 201 S2: 197 R1: 204.8 R2: 208

TRADING STARTEGY ::
MCX GOLD APRIL ::

The trend is up but a breakout is needed for a rally.
Traders already long can look to book profits at higher levels to Rs. 15344 – Rs. 15478 or above as the opportunity arises or revise stop loss to Rs. 15210 vice versa.
Buy on breakout and close above Rs. 15660.
As the trend is up, to minimize risk, intra-day traders can wait for a fall below Rs. 15213 and when it rises above Rs. 15213 then buy with whatever low registered below Rs. 15213 as a stop loss. Subsequently, book profits at Rs. 15344 – Rs. 15478 range or above.

SILVER MCX MAY ::

The trend has turned up.
Ideally, cover all earlier short positions at market price and on dips to Rs. 22271 – Rs. 22095 as the opportunity arises.
Sell only on fall and close below Rs. 21730.
Buy only on breakout and close above Rs. 22850.
As the trend is up, to minimize risk, intra-day traders can wait for a fall below Rs. 22095 and when it rises above Rs. 22095 then buy with whatever low registered below Rs. 22095 as a stop loss. Subsequently, book profits at Rs. 22271 – Rs. 22502 range or above.

INTERNATIONAL SPOT GOLD ::

Resistance will be at 936$-945$.
Support is at 919$, 905$ and 896$.
A rise and close above 936$ can continue its pullback towards 975$.
Traders who are long by chance now can look for rise to 936$-945$ to book profits and re-enter long on close above 946$. Traders who area short need to maintain short positions with a stop loss 946$ and look for dip to support to cover short.
Further major crash can be witnessed only on fall and close below 895$.

INTERNATIONAL SPOT SILVER ::

A pull back to test the retracement level of 13.50$-13.77$ could be attempted.
Support of 12.88$ hold the key.
A fall and close below 12.88$ can take Silver down to test back 12.40$.
Traders need to maintain a stop loss of 12.88$ if holding long positons.

ENJOY TRADING !!!!

MUNNABHAI ANALYST, M. M. A. S.