VIEWS FOR THE WEEK FROM 15TH JUNE 2009

MCX Gold August:Resistances are at 14578/14592 followed by 14669/14684 now. Favored view expects resistances to cap for a decline towards 14253/14269 levels. Unexpected rise above 14839 to hint at resumption of bullishness. S1: 14380 S2: 14260 R1: 14600 R2: 14730

MCX Silver July : Resistances are at 23417 followed by 23668. Ideally, resistances to cap for a sharp decline towards 21913 levels. This is our favored view. Unexpected rise above 24185 to cause doubts on our bearish view. S1: 23000 S2: 22750 R1: 23510 R2: 23785

MCX Copper June: Resistances are at 251.5 followed by 254.6 now. Resistances to cap for a decline towards 234.5/235.6 levels being a trendline support point .Move above 256.7/257.8 to hint at resumption of bullish trend again. S1: 246 S2: 242 R1: 255 R2: 259

MCX Crude Oil July : Favored view expects a test of 3320 as long as 3504 caps upside attempts to cross higher.Resistances are at 3481 followed by 3505/3510. S1: 3430 S2: 3280 R1: 3515 R2: 3550

MCX Zinc June: Rallies to 79.30/79.50 to find resistance for a move lower towards 76.30/75.80 levels . A rise above 80.95 to negate this bearish view.S1: 78.00 S2: 77.15 R1: 80.00 R2: 81.40

MCX Lead June : Rallies to 84.85/85.15 to find resistance for a move lower towards 82.30/81.80 levels . A rise above 86.40 to negate this bearish view. S1: 82.50 S2: 81.00 R1: 84.70 R2: 85.60

MCX Nickel June: Rallies to 743/746 to find resistance for a move lower towards 703/690 levels . A rise above 751 to negate this bearish view. S1:725 S2:710 R1: 750 R2: 768

MCX Natural Gas June : Dips to 184.0/182.0 likely to find support for a move higher towards 201 levels now. Only a fall below 174 to negate this bullish view now. S1: 184 S2: 180 R1: 191 R2: 196

TRADING STARTEGY FOR THE DAY ::

MCX GOLD AUGUST ::
Sell on rise to 14512-14604 with a stop loss of 14642.
On further fall below 14420, expect lower range of 14383-14291 range to be tested. Daily Reversal : 14630

MCX SILVER JULY ::
Sell on rise to 23497-23732 with a stop loss of 24018.
Support is at 23162.
Sell on fall and close below 23162 with high of the day stop loss.
Expect subsequently lower range of 23094-22859 to be tested.
Daily Reversal : 23667

INTERNATIONAL SPOT GOLD ::

A head and should pattern seems to be visible and a breakdown has been witnessed.
Support and the 38.2% retracement of 940$ has been violated and the close is below it.
Expect slide towards 50% to 61.8% retracement level is near term.
The 38.2% and 61.8% retracement levels are placed at 925$ and 911$ respectively.
Resistance will be at 944$-952$-966$.
Traders can sell on rise to 944$-952$ range with a stop loss of 966$.
In order to minimize risk, traders can wait for rise above 952$ and when it falls below 952$ then sell with high above 952$ as the stop loss.

INTERNATIONAL SPOT SILVER ::

Support and 38.2% retracement is put to test which is placed at 14.63$.
On sustained fall below 14.63$, expect further slide towards 50% and 61.8$ retracement level which are placed at 14.10$ and 13.61$ respectively.
Resistance will be at 14.94$-15.42$-15.51$.
Use rise to 14.94$ or above to exit long positions.
Intra-day traders can wait for a fall below 14.63$ and when it moves above 14.80$ then buy with low below 14.63$ as the stop loss to exit at 14.94$-15.42$ range as the opportunity arises.
Intra-day traders can wait for a rise above 15.23$ and when it falls below 15.24$ then sell with high above 15.23$ as the stop loss.
The trend line have been violated therefore attempt to pullback to and above the trend line could be attempts.

ENJOY TRADING !!!!