VIEW FOR 23RD JUNE 2009

MCX Gold August: As long as 14549 caps upside, expect prices to continue to edge lower towards 14313 initially followed by 14250,which is a stronger support level. S1: 14420 S2: 14300 R1: 14640 R2: 14750

MCX Silver July : As long as 22652 caps upside, expect prices to continue to edge lower towards 21938 initially followed by 21646,which is a stronger support level. S1: 22050 S2: 21800 R1: 22450 R2: 22700

MCX Copper June: Expect rallies to 234.30/235.4 to cap for a fall towards 224.6/223.5 ranges. Risk lies above 241.0. S1: 226 S2: 223 R1: 234 R2: 238

MCX Crude Oil July : Supports at 3230/3215 .Ideally dips to find support at these levels and move higher towards 3459 levels.Fall below 3186 to take prices lower towards 3082 levels. S1: 3245 S2: 3200 R1: 3330 R2: 3387

MCX Zinc June: Rallies to 72.75/72.95 to find resistance for a move lower towards 69.50 levels . Only a rise above 74.40 to negate this bearish view. S1: 71.30 S2: 70.10 R1: 73.30 R2: 74.45

MCX Lead June : Rallies to 78.65/78.90 to find resistance for a move lower towards 74.20 levels. A move above 79.50 to negate this view. S1: 76.60 S2: 75.50 R1: 78.70 R2: 79.60

MCX Nickel June: Rallies to 707/712 to find resistance now for a move lower towards 685/680 levels. Rise above 717 is needed to negate this bearish view. S1:695 S2:680 R1: 718 R2: 742

MCX Natural Gas July : Dips to 195/193 likely to find support for a move higher towards 212/218 levels now. Only a fall below 190 to negate this bullish view now. S1: 194 S2: 191 R1: 203 R2: 208

GOLD MCX AUGUST ::

Sideways movement is being witnessed with volatility in a narrow band apart from some intra-day trading opportunities.
Intra-day trader can wait for a rise above 14583 and when it falls below 14583 then sell with high above 14583 as the stop loss.
Lower range of 14438-14369 can get tested.
A breakout and close above 14640 can bring about a near term pullback rise.
The price movement is getting narrow as it can be seen from the trend lines marked on the chart which are converging.
Daily Reversal : 14510

SILVER MCX JULY ::

Sell at 22373-22520 with a stop loss of 22630.
Expect lower range of 22115-21968 to be tested.
Intra-day traders in order to minimize risk can wait for a rise above 22520 and when it falls below 22520 then sell with high above 22520 as the stop loss.
Daily Reversal : 22874

INTERNATIONAL SPOT GOLD ::

The breakdown of the Head and Shoulder pattern is now coming into effect. Neckline was violated 2 weeks back but the fall was slow until yesterday.
The 61.8% retracement level is placed at 911$ which will be tested.
Resistance now will be at 925$-935$.
Traders holding short positions can maintain a stop loss at 935$. Sell on rise to 925$-930$ with a stop loss of 935$. Expect lower range of 911$-904$.

INTERNATIONAL SPOT SILVER ::

A breakdown was witnessed yesterday after a sideways movement which was being seen last week.
The 61.8% retracement level is being tested which is at 13.61$. The low registered yesterday was 13.69$.
In case of further sustained fall and close below 13.60$, then the slide can go down towards 13.20$ to finally test the higher bottom of 12.03$ and 11.80$.
Resistance will be at 13.93$-14.16$.
Traders holding short positions can maintain a stop loss of 14.16$.

NYMEX LIGHT CRUDE OIL ::

The 23.6% and 38.2% retracement level of this rise from 45.4$ to 73.23$ is placed at 66.7$ and 62$.
The low registered yesterday was 66.25$ and tested the 23.6% retracement.
The higher bottom support is at 64.95$ which will be tested now.
On further fall below 64.95$, the slide can go down towards 62$.
Resistance will be at 69$-70$.
If any recovery has to be seen then it can be from 62$ to otherwise correction can do down to 38.2% retracement level at least.

COPPER LME ::

A trend line breakdown is being witnessed.
Earlier the chart pattern showed strength and had indicated to carry on for a rally. It looks to have to puncture for the time being as a correction or sideways movement is likely to be witnessed.
The trend line breakdown can carry Copper down towards 4310-4150 range.
A breakout and close above 5381 can restore back its upside movement.
Any rise from current level of 4705 and above towards 5381 is an opportunity to exit long positions.
On the whole the rise of the entire rise from 2815 since Dec’08 looks to be a sluggish rise.
Immediate recovery back above the trend line is required to keep hopes that 5381 can be crossed.
Immediate resistance point is 4850.