VIEWS FOR THE WEEK WITH TRADING STARTEGY FOR THE DAY 22ND JUNE 2009

MCX Gold August: Prices are consolidating between 14689 and 14409. Favored view is break below 14471 could see prices edging lower towards 14316/14285. S1 14420 S2: 14300 R1: 14640 R2: 14750

MCX Silver July : Rallies to 22734 to find resistance for a fall lower towards 22093, break above 23022 will negate this bearish view. S1: 22450 S2: 22275 R1: 22750 R2: 23085

MCX Copper June: Rallies to 240 to find resistance for a fall lower towards 229/228, break above 243 will negate this bearish view. S1: 234 S2: 230 R1: 242 R2: 246

MCX Crude Oil July : Rallies to 3461/3474 to find resistance for a fall lower towards 3361/3351, break above 3532 will negate this bearish view. S1: 3350 S2: 3300 R1: 3430 R2: 3467

MCX Zinc June: Rallies to 74.20/74.40 to find resistance for a move lower towards 72.0/71.50 levels . Only a rise above 75.60 to negate this bearish view. S1: 73.30 S2: 72.10 R1: 75.30 R2: 76.45

MCX Lead June : Rallies to 79.30/79.50 to find resistance for a move lower towards 77.00/76.50 levels. A move above 80.30 to negate this view. S1: 78.60 S2: 77.50 R1: 80.70 R2: 81.60

MCX Nickel June: Rallies to 718/720 to find resistance now for a move lower towards 685/680 levels. Rise above 723 is needed to negate this bearish view. S1:705 S2:690 R1: 730 R2: 743

MCX Natural Gas July : Dips to 198/195 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: 200 S2: 196 R1: 211 R2: 218

GOLD MCX AUGUST ::
The trend has turned up but nature of movement is sideways.
Since last few sessions, a sideways trading pattern is being witnessed and it is most avoidable situations in terms of trading perspective.
Lack of clear direction is preventing us to give any conclusion at this stage of the trade.
On breakout above Rs. 14720 or breakdown below Rs. 14380 will decide the direction.
Therefore it is advisable to stay away for some time and wait for either side breakout.
As far as traders having positions can look to book profits if any on rise to Rs. 14579 – 14617 as the opportunity arises.
As the trend is up, intra-day traders can wait for a fall below Rs. 14495 and when it rises above Rs. 14495, then buy with whatever low registered below Rs. 14495 as a stop loss. Subsequently, book profits at Rs. 14533 – Rs. 14579 range or above.

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. 22563 – 22462 as the opportunity arises or hold short positions with revising stop loss to Rs. 22870 vice-versa.
Sell only on fall and close below Rs. 22350.
As the trend is down, intra-day traders can wait for a rise above Rs. 22795 and when it fall below Rs. 22795, then sell with whatever high registered above Rs. 22795 as a stop loss. Subsequently, cover short at Rs. 22694 – Rs. 22563 range or below.

INTERNATIONAL SPOT GOLD ::

The trend is down.
Sell on rise to $934 – 938 with stop loss of $943.
Expect a fall towards $929 – 925.60.
On fall below $925, continuation of preceding downtrend is likely to be witnessed which starts from $989.95$ high of 03 June 2009.
On sustain decline below $925, prices can fell towards $900 – 884 in sessions to come.

INTERNATIONAL SPOT SILVER ::

The trend is down.
Support will be at 14.08 – 13.93$.
Sell only on fall below $13.90.

ENJOY TRADING !!!!!