VIEWS FOR 17TH JUNE 2009

MCX Gold August: Prices could consolidate in a range of 14342 and 14543. However favored view is break below 14342 will be a bearish sign and prices could test 14156/14110 levels.
S1: 14350 S2: 14240 R1: 14560 R2: 14650

MCX Silver July : Rallies to 22680/22745 to find resistance for a fall lower towards 21995 / 21915; break above 22983 will negate this bearish view.However direct fall below 22361 could see prices testing 21915 / 21995.
S1: 22350 S2: 22175 R1: 22750 R2: 22985

MCX Copper June: Corrective rallies to 241.7/242.75 to find resistance for a fall lower towards 232.2/230.0; break above 246 will negate this bearish view. S1: 234 S2: 230 R1: 243 R2: 247

MCX Crude Oil July : Rallies to 3432/3437 to find resistance for a fall lower towards 3335 followed by 3307; break above 3470 will negate this bullish view.S1: 3380 S2: 3340 R1: 3465 R2: 3510

MCX Zinc June: While above supports at 72.00 / 71.55 levels we can expect prices to rally towards 75.5/76.0 levels. Breach of 71.55 levels to negate this bullish view. S1: 72.90 S2: 71.80 R1: 74.55 R2: 75.80

MCX Lead June : While above supports at 76.00 / 75.55 levels we can expect prices to rally towards 81.5 /82.0 levels. Breach of 75.55 levels to negate this bullish view. S1: 77.50 S2: 76.30 R1: 79.70 R2: 80.60

MCX Nickel June: While above supports at 685/ 682 levels we can expect prices to rally towards 725 / 735 levels. Breach of 680 levels to negate this bullish view. S1:690 S2:675 R1: 725 R2: 740

MCX Natural Gas July : Dips to 203 /200 likely to find support for a move higher towards 218 - 225 levels now. Only a fall below 192 to negate this bullish view now. S1: 203 S2: 196 R1: 212 R2: 220

TRADING STRATEGY ::
GOLD MCX AUGUST ::

Traders short can keep a stop loss of 14500 to hold short positions. Cover short at 14398-14380 range as the opportunity arises. Sell again on fall and close below 14380 with high of the day stop loss.

SILVER MCX JULY ::

Intra-day traders can wait for a rise above 22781 and when it falls below 22781 then sell with high above 22781 as the stop loss.
Sell further on fall and close below 22450.
Expect lower range of 22414-22258 to get tested.
Traders who are already short can maintain a stop loss of 22837 to hold short positions.

INTERNATIONAL GOLD SPOT ::

GOLD (spot): Last 935
Yesterday’s bargain hunting stalled at 939 exactly as anticipated, and in
doing so prices remain within the bearish channel retaining the 915 view.
However a third day’s close above 15th low of 925.8, is suggestive of
bargain hunting gaining strength. Morning’s swings are expected to take
support at 931 and remain positive attempting another go at 939 or even
943 for a turn lower. Only a close above 943 should entirely alter the
general bearish view.
.
Alternate Scenario:
A break of 931 early in the day, would render the bullish structure
impotent calling for 915, with intermediate pauses expected at 926-918.


PIVOTS
Supports
931
926
918/5
TURNAROUND LEVELS: 931 –
939-943-915
Resistances
939/43
952/5
960/ 6


Nymex Crude(Jul): Last 70.47

A break of 72 failed to sustain the uppish momentum
which got stalled just shy of the recent peak of 73.12, only
above which an upward swing would gain momentum
towards 75-77. On the other hand, 69.5 is likely to hold
most of the day’s downswings as US Weekly inventory
data is forecast to show a decline in crude stocks. A push
below the same is likely to call for 67

ENJOY TRADING !!!!!