VIEWS WITHH TRADING STRATEGY FOR 8TH APRIL 2009

MCX Gold June: As expected we saw a pullback to 14285/14320 levels. Could extend to 14430 or even higher towards 14510. Dips can be expected to find support near 14220/14240 levels. However, in the bigger picture as long as 14675/14710 levels caps upside attempts we expect a break below 14030 andtest 13670 levels.S1: 14130 S2: 14030 R1: 14430 R2: 14510

MCX Silver May: Expected to consolidate between 20375/20460 and 20625/20710 and rise higher towards 20930 or even higher towards 21080.Unexpected fall below 20375 to cause doubts on our bullish view. S1: 20460 S2: 20350 R1: 20625 R2: 20700

MCX Copper April: Consolidation between 216 to 225 in progress preparing for a 228 or even higher towards 232/234 levels. However,fall below 215 to dent our bullish expectations and result in a sharp fall towards 208 or even lower towards 198 levels.S1: 213 S2: 206 R1: 224 R2: 230.

MCX Crude Oil April : Resistances are at 2510 followed by 2560 on the upside. Favored view expects resistances to cap for a decline towards 2360.consolidation to continue and rise towards 2775 or even higher.S1: 2400 S2: 2360 R1: 2510 R2: 2560

MCX Zinc April: Prices are likely to move down and find support at 66.1 levels. Unable to hold this support may take it further down to 65.0 levels.Moves above 68.5 to negate our bearish view. S1: 66.5 S2: 65.7 R1: 68.2 R2: 69.5

MCX Lead April: Supports are at 66.0 and 65.0. Prices are likely to hold this support and move up towards 68.2 levels. Unexpected fall below 65.0 to dent our bullish view.S1: 66.0 S2: 65.0 R1: 67.3 R2: 68.5

MCX Nickel April: Up moves beyond 552 may take prices further up towards 560/565 levels.Fall below 530 to dent our bullish view.S1: 542 S2: 533 R1: 550 R2: 560

MCX Natural Gas April : Prices have closed below the support of 184 indicating bearishness. Down moves are likely to take prices to 173/175 levels.Unexpected rise above 190 to dent our bearish view. S1: 178 S2: 173 R1: 184 R2: 190



TRADING STARTEGY ::
GOLD MCX JUNE ::
The trend is down but a short covering is being witnessed.
Ideally, cover short positions at market price and on dips to Rs. 14256 – Rs. 14192 as the opportunity arises.
Sell on fall below Rs. 14020.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 14361 and when it falls below Rs. 14361 then sell with whatever high registered above Rs. 14361 as a stop loss. Subsequently, book profits at Rs. 14256 – Rs. 14192 range or below.

SILVER MCX MAY ::

The trend is down but a short covering is being witnessed.
Ideally, cover short positions at market price and on dips to Rs. 20424 – Rs. 20258 as the opportunity arises.
Sell on fall below Rs. 20180.
As the trend is down, to minimize risk, intra-day traders can wait for a rise above Rs. 20668 and when it falls below Rs. 20668 then sell with whatever high registered above Rs. 20668 as a stop loss. Subsequently, book profits at Rs. 20424 – Rs. 20258 range or below.

INTERNATIONAL SPOT GOLD ::

Support will be at 874$-864$.
Sell on fall and close below 864$.
Resistance will be at 889$-897$.
A pullback towards the trend line which has been violated will be attempted.
An H&S pattern could be in place. The trend line or the neckline is violated. A close above 910$ will mean a false breakdown attempts.
On fall below 864$, expect a slide towards 821$-801$.
A couple of days o sideways movement a minor upside bias could be witnessed before a further follow up down move.

INTERNATIONAL SPOT SILVER ::

Support will be at 11.89$.
Resistance will be at 12.41$-12.56$-12.77$.
Expect further selling pressure on fall and close below 11.89$.
A rise to test the resistance is possible as a result of the sharp down move yesterday. The resistance of 12.41$-12.56$ could be tested.