VIEWS FOR 11TH JUNE 2009

MCX Gold August: Rallies to 14703 / 14780 likely to find resistance for a move lower towards 14381 levels now. A rise above 14918 to negate this bearish view. S1: 14550 S2: 14470 R1: 14700 R2: 14830

MCX Silver July : Rallies to 24004/24129 likely to find resistance for a move lower towards 22645 levels now. Only a rise above 24269 to negate this bearish view. S1: 23480 S2: 23200 R1: 23900 R2: 24300

MCX Copper June: Rallies to 249.75 / 251 likely to find resistance for a fall towards support levels at 241.30/238.0 levels now. A rise above 253 to signal continuation of the bullish move. S1: 245 S2: 241 R1: 251.5 R2: 255.5

MCX Crude Oil June: Rallies to 3435 / 3449 likely to find resistance for a move lower towards 3269 / 3254. A rise above 3473 to negate this bearish view. S1: 3320 S2: 3250 R1: 3410 R2: 3460

MCX Zinc June: A break below 75.4 could lead price lower towards 74.80 / 74.50 levels . Favored view expects supports to hold dips for a rally towards 77.50 / 78.20 levels. Only a fall below 73.00 to negate this view. S1: 75.00 S2: 74.15 R1: 76.70 R2: 77.80

MCX Lead June : A break below 81.10 could lead price lower towards 79.50 /79.80 levels . Favored view expects supports to hold dips for a rally towards 83.80 /84.20 levels. Only a fall below 77.45 to negate this view. S1: 80.50 S2: 79.30 R1: 82.70 R2: 84.00

MCX Nickel June: A break below 707 could lead price lower towards 700 / 696 levels . Favored view expects supports to hold dips for a rally towards 750 /755 levels. Only a fall below 678 to negate this view. S1:705 S2:687 R1: 730 R2: 745

MCX Natural Gas June : Until the support at 168 holds expect prices to move towards 195 levels. Close above 195 will confirm more bullishness .Fall below 167 will negate our view. S1: 172 S2: 165 R1: 183 R2: 188

TRADING STRATEGY ::

GOLD MCX AUGUST ::
Support will be at 14553-14507.
Sell on fall and close below 14500.
Traders who are already short on Gold can cover short positions at 14553 or below as the opportunity arises.
Re-enter short on fall and close below 14500.
Resistance will be at 14720.
Traders who are already holding short positions can maintain a stop loss of 14720.
Intra-day traders can wait for a rise above 14700 and when it falls below 14700 then sell with high above 14700 as the stop loss

SILVER MCX JULY ::
Cover short positions at 23356 or below as the opportunity arises and maintain a stop loss of 23948.
Sell further on fall and close below 23162 with high of the day stop loss.
Intra-day traders can wait for a rise above 23869 and when it falls below 23869 then sell with high above 23869 as the stop loss to cover at 23575 or below.

INTERNATIOAL SPOT GOLD ::
A sideways volatile movement in the band of 966$-942$ is being witnessed for last 4 trading days.
Resistance continues at 961$-966$.
Traders holding long positions by chance can exit long on rise to resistance.
In case of rise above 966$, followed by a close also above it then we could see a rise to test the broker trend line which is moving up now.
Yesterday, it moved to 966$ but closed lower.
Trading long positions can be undertaken above 966$ only in the mean time look to exit long.
Traders who are short need to maintain a stop loss of 966$.
Sell further on fall and close below 942$.
Lower support range is at 946$-942$.

INTERNATIONAL SPOT SILVER ::
Sideways movement in the band of 15.49-14.71 is being witnessed.
Traders can buy on rise above 15.49$ with a stop loss of 15$.
Sell on fall below 15$ with a stop loss of 15.49$.
Expect lower range of 14.88-14.75$ to be tested on fall below 15$.
In the same way a rise above 15.49$ can take silver price to test the trend line which was violated a few days back. The same trend line will not act as resistance in case of rise and close above 15.49$. The trend line value is placed at 15.75$.

ENJOY TRADING !!!!