VIEW FOR 24TH JUNE 2009

MCX Gold August: Dips to 14392/14423 to find support for a move higher towards 14580/14611, break below 14329 will negate this bullish view.S1: 14420 S2: 14300 R1: 14600 R2: 14710

MCX Silver July : As long as 21893/21926 holds support expect a move towards 22651/22732, break below 21861 will negate this bullish view.S1: 22100 S2: 21900 R1: 22450 R2: 22700

MCX Copper June: Dips to 231.7/232.85 to find support for a move higher towards 240/241.5 break below 228.8 will negate this bullish view. S1: 232 S2: 229 R1: 238 R2: 242

MCX Crude Oil July : Dips to 3295/3269 to find support for a move higher towards 3444/3453 break below 3234 will negate this bullish view. S1: 3300 S2: 3265 R1: 3388 R2: 3435

MCX Zinc June: A break above 73.70 to take price towards resistance level at 75.0 levels. Fall below 72.25 to attract more selling now. S1: 72.30 S2: 71.10 R1: 74.30 R2: 75.45

MCX Lead June : Rise above 79.10 to take price towards resistance level at 80.35 levels.Fall below 77.6 to attract more selling . S1: 77.60 S2: 76.50 R1: 79.70 R2: 80.60

MCX Nickel June: Stuck in a range 699/717. Break of the same will decide the next directive move. S1:702 S2:690 R1: 718 R2: 730

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: 193 S2: 188 R1: 203 R2: 208

TRADING STRATEGY ::

GOLD MCX AUGUST ::

The trend is down but nature of movement is sideways.
Ideally, cover short positions at market price and on dips to Rs. 14468 – 14427 or below as the opportunity arises.
Sell only on close below Rs. 14350.

SILVER MCX JULY ::

The trend is down but nature of movement is sideways.
Ideally, cover short positions at market price and on dips to Rs. 22240 – 22131 or below as the opportunity arises.
Sell only on close below Rs. 22000.

INTERNATIONAL SPOT GOLD ::

The 61.8% retracement level of 911$ was tested. The low registered yesterday was 912.9$ and recovered to close higher at 925.10$.
Expect Gold now to move higher and give a trend line breakout.
Support now will be at 918$-911$.
In case of further fall and close below 910$, Gold can slide down to tested back the low of 880$ and 864$. Therefore, it is likely that the a minor pullback is possible in near term from here on.
Traders holding short positions can cover at current price to 910$ range as the opportunity arises.
Resistance will be at 930$ and 946$.

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$.
The low registered in last 2 days 66.25$ and tested the 23.6% retracement.
Recovery has been witnessed from the support of 66.25$ to close higher at 69.24$.
Support will be at 66.25$ and 62$.
Expect a rise towards the broken red color trend line which is placed at 70.2$.
Resistance will be at 70.2$-72.30$.
Traders by chance still holding long positions can maintain a stop loss of 66.25$ and look for rise to 70.2$-72.30$ to take profit or exit long positions.
Sell only on fall and close below 66.2$.
A sideways movement in a band of 73.20$-66.2$ cold be seen in near term with volatility within this band.

ENJOY TRADING !!!!!

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