VIEWS FOR 18TH JUNE 2009

MCX Gold August: Resistance is at the 14643/14673 to cap upside attempts ideally for a fall from there. Failure to do so could lead prices higher towards 14829 levels next. S1: 14400 S2: 14290 R1: 14600 R2: 14710

MCX Silver July : Resistances are at 23424/23519. Ideally this level to cap upside attempts for a fall again. Unexpected rise above 23631 to hint at bullishness again. S1: 22550 S2: 22375 R1: 22950 R2: 23185

MCX Copper June: Important resistance is at 247.10/248.15 levels now. Favored views expects a cap here for a decline again.Unexpected rise above 254/254.50 could cause doubts on our bearish view. S1: 236 S2: 232 R1: 244 R2: 247

MCX Crude Oil July : Rise above 3450 shows bullish tendencies now. Trendline resistance is at 3543/3545 levels. Break here could be a bullish sign for 3568/3662.Fall below 3405 to negate out bullish expectations. S1: 3380 S2: 3340 R1: 3465 R2: 3510

MCX Zinc June: While above supports at 73.20/73.55 levels we can expect prices to rally towards 76.5/77.0 levels. Breach of 72.55 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 78.00/77.55 levels we can expect prices to rally towards 82.5/83.0 levels.Breach of 76.90 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 695/702 levels we can expect prices to rally towards 725/735 levels.Breach of 692 levels to negate this bullish view. S1:700 S2:685 R1: 725 R2: 740

MCX Natural Gas July : Dips to 205/203 likely to find support for a move higher towards 218/225 levelsnow. Only a fall below 194 to negate this bullish view now. S1: 208 S2: 203 R1: 217 R2: 224

TRADING STRATEGY ::
MCX GOLD AUGUST ::
Cover short positions on dip to 14457-14450.
Sell on fall below 14440 with high of the day stop loss.
High range of 14557-14603 could be tested. How is sustains at higher range is to be seen.
A near term rise is possible if the close is above 14557 with a positive candle.
It can try to meet the falling trend line from the highs.

SILVER MCX JULY ::

Traders holding short positions can cover at current price to 22492-22401 as the opportunity arises.
Sell again below 22400.
Intra-day traders can wait for a rise above 22881 and when it falls below 22881 then sell with high above 22881 as the stop loss to cover at 22732-22641 range as the opportunity arises.

INTERNATIONAL SPOT GOLD ::
The 50% retracement level is held well for last 3 trading days.
The 50% level is placed at 927$ and the low in last 3 trading days has been 927$.
Support is around 927$-925$.
On fall below 925$, expect a slide towards 911$ at least.
On the immediate front, we could find gold testing back the broken trend line which is the range of 943$-946$.
The trend line could get tested. Further, how is sustains at the trend line needs to be seen.

INTERNATIONAL SPOT SILVER ::

After the trend line breakdown, in a single day Silver tested the 50% level.
It has been hovering around the 50% retracement level for last 3 trading days.
The 50% level was placed at 14.07$.
Yesterday, silver recovered from the low of 13.93$ and closed at 14.32$.
It is looks that we could find a minor pullback beginning if the low of 13.93$ is not violated from here on immediately.
Expect retracement up towards 14.46$ and 14.77$ for immediate near term.
In case if 13.93$ is violated then a slide down to 13.61$ cannot be ruled out.
Ultimately, 13.60$ needs to be held. A fall and close below 13.60$ can take Silver crashing down towards the low of 12$-11.80$.
On the immediate front, we have a possibility of a rise towards 14.46$-14.77$ with the low of 13.93$ as the immediate support.

NYMEX LIGHT CRUDE OIL ::

The channel got violated but the close is back in the channel.
Support range is at 70.62$-69$.
A fall and close below 69$ will show a near term correction of the last rise from 45.44$ to recent high of 73.23$.
On the immediate front traders holding long positions can still maintain a stop loss of 69$ and look for rise from current price to 74$ to take profit.
Re-enter long on rise above 74$.
The upside after breakout above 74$ is small now. As we can expect a range of 76$-79$.