VIEWS FOR 9TH JULY 2009

MCX Gold August: Initial resistance at 14559 - 14591 followed by 14623 - 14671 levels. Ideally, resistance
to cap for 14240 while below 14671. S1: 14390 S2: 14280 R1: 14590 R2: 14690


MCX Silver September: Resistance at 21807 followed by 22059.More important resistance is at 22227.
Break above 22227 to test 22820 levels now. Direct fall below 21370 to cause doubts on our bullish view. S1: 21370 S2: 21160 R1: 21780 R2: 22050


MCX Natural Gas July : Break above 172 can take price towards 185 levels . Supports at 163/160
levels . S1: 163 S2: 160 R1: 168 R2: 172.


MCX Copper August : Resistance is at 237 followed by important resistance at 239/241 levels now.
Resistance to cap for decline to 230. Direct rise above 243 to dash our bearish hopes.S1: 234 S2: 231 R1: 240 R2: 243
MCX Crude Oil July : A pullback to 3086/3090 looks likely or even higher towards 3129.Direct fall below
2970 to drag prices lower. Such a fall to test 2920/2908.S1: 2965 S2: 2930 R1: 3045 R2: 3090


MCX Zinc July: Rallies to 74.60/74.80 likely to find resistance for a move lower towards 73.00/72.50
levels. Only a rise above 76.00 to negate this bearish view. S1: 73.5 S2: 72.40 R1: 75.3 R2: 76

MCX Lead July : Rallies to 79.80/80.20 likely to find resistance for a move lower towards 76.50
levels. Only a rise above 80.70 to negate this bearish view S1: 77.60 S2: 76.50 R1: 79.60 R2: 80.60


MCX Nickel July : Rallies to 743/747 likely to find resistance for a move lower towards 715-710 levels.Only a rise above 765 to negate this bearish view S1:720 S2:710 R1: 745 R2: 758
INTERNATIONAL SPOT VIEW:-Gold breakdown below 920$ yesterday and attained a low of 904.7$.
Expect lower level of 900$, 879$ and 864$ to be tested.
Resistance will be at 913$, 920$ and 925$.
Resistance levels can be used to sell and exit long positions.
Recovery from 900$ can test the resistance and if sustains can test the yellow color trend line.
The bias is for lower top and lower bottom formation for immediate near term situation.

INTERNATIONAL SPOT SILVER VIEW:-Hold short positions with a stop loss of 13.15$.
Expect lower level of 12.54$ to be tested.
A channeled fall is being witnessed. The price movement has been below the blue color trend line as shown in the chart

NYMEX CRUDE:-A correction down towards 38.2% is likely to be tested in days to come which are around 58$.
Traders who are holding short positions can maintain a stop loss of 63$ to hold short positions.


MCX TRADING STRATERGY:- SILVER MCX :-Sell on fall and close below 21460 with high of the day stop loss or 21769 whichever is higher at the point of breakdown.
Traders can wait for a rise above 21769 and when it falls below 21769 then sell with high above 21769 as the stop loss.
A breakout and close above 22021 can reverse the sequence of lower top and lower bottom formation. It can also subsequently give a breakout of the falling channel as shown in the chart
MCX GOLD ;-Yesterday price movement erased the gains registered on Monday and the stop loss was violated on the trading long side. It was expected that the pink color trend line could be tested but the same did not happen.
Traders holding long positions can look for rise to 14526-14594 to exit long and to sell.
Re-enter long on rise and close above 14624.
One again the convergence between the new trend line looks to have begun.
Violation of red color trend line can mean a sharper fall in gold price.
Support overall will be at 14400.
Immediate range is 14624-14400