views for 3 rd april

MCX Gold June: Rallies to 14770/14800 to resist for a fall towards 14345 or even lower.This is our favored view. Unexpected rise above 14900/14915 to dent our bearish expectations. S1: 14630 S2: 14345 R1: 14800 R2: 14920

MCX Silver May: Immediate resistance is at 21800 now. Structure looks bullish for a test of 22030 or even higher towards 22280/22295 as long as import support at 21215 holds.S1: 21460 S2: 21180 R1: 22050 R2: 22450

MCX Copper April: Market showing some corrective signs. Immediate support is at 206 followed by crucial support at 203/204.Ideally we expect supports to hold for a test of 213/214 levels. Fall below 202 to lessen the magnitude of the rise again. S1: 206 S2: 201 R1: 213 R2: 218

MCX Crude Oil April : Supports are at 2570/2580 levels now. Favored view expects this zone to provide good support and rally towards 2725 or even higher. Fall below 2540 to alter the bullish picture and unexpected fall below 2520 could change our bullish view to bearish.S1: 2570 S2: 2500 R1: 2650 R2: 2725

MCX Zinc April: Supports are now at 65.9/66.0.Above this level prices are likely to move up towards 68/68.5 levels.Direct fall below 65.85 will cause doubts about this view. S1: 65.9 S2: 64.9 R1: 66.8 R2: 67.45
MCX Nickel April: Dips to 518/520 levels could find support for a move higher towards 540 levels now.A fall below 515 would negate this view.S1: 521 S2: 512 R1: 534 R2: 540

INTERNATIONAL SPOT GOLD VIEW :In our yesterday’s update, a sell was indicated on fall below 916$. The low registered yesterday was 893.7$. Traders who have been able to sell as indicated had the opportunity to benefit.
Resistance now will be at 908$-916$.
Expect lower range of 894$-882$-973$ to be tested.
Spurt to resistance could be used to sell.
A close above 930$ with a positive candle can only halt the fall generally.
Since yesterday movement was large, we could find some sideways movement within the yesterday price range of 930$-893$.

INTERNATIONAL SPOT SILVER VIEW:In our yesterday’s update, we had indicated that selling pressure could be witnessed below 12.82$.
The low registered yesterday was 12.56$ but recovered and closed at 12.92$.
Support is being witnessed at lower range of 12.59$-12.56$.
Expect further selling pressure on fall and close below 12.56$.
A rising channel from the low of 8.7$ to 14.63$ has been violated but it just trying to hold on to the lower channel line. Recovery after breakdown is being witnessed thereby has managed to remain around the lower channel line.
If the close is below 12.56$ then expect a slide

NYMEX CRUDE OIL VIEW:A strong bounce back has been witnessed.
In last few week, attempt for breakout and close above 50.50$ has been witnessed.
Crude went up to 54.66$ and reacted down to 47.26$. It is now back up to 52.64$.
Resistance will be at 54$-56$.
Resistance will be tested.
In case of further breakout and close above 56$ in days to come then expect a rise towards 64$.
As a result of the large up move yesterday. Corrective dip to 51.3$-49.8$ can be used for buying.

MCX GOLD TRADING STRATERGY:Trend is down therefore general objective will be to sell and indentify sell opportunities.
Sell on rise to 14773-14988 with a stop loss of 15070.
Intra-day traders to minimize risk can wait for a rise above 14773 or 14988 and when it falls below 14773 or 14988 then sell with high above 14773 or 14988 as the stop loss.
A rising Raff Regression channel of the rise from 11650 to 16035 has been violated yesterday with volumes.
Therefore, yesterday low will be important and could just hold the fall for a day or two before further attempts for a follow up of the breakdown.
A close above yesterday high can momentarily halt the fall subsequently for few days and can make further attempt to test higher range.
Expect selling pressure on further fall and close below 14558

MCX SILVER TRADING STRATEGY:A recovery from the low has been witnessed.
The low registered yesterday was 21075.
Cover short positions for the time being at 21551-21075 range as the opportunity arises.
Sell further on fall and close below 21075.
Intra-day traders can wait for a rise above 21954 and when it falls below 21954 then sell with high above 21954 as the stop loss.