VIEWS FOR 14TH JULY 2009

MCX Gold August: Dips to 14500/14469 to find support for a move higher towards 14722 . A rise above 14786 to strengthen bullishness.A fall below 14374 to lessen the chance of this move.S1: 14490 S2: 14380 R1: 14690 R2: 14790

MCX Silver Sep: Dips to 21366-21299 to find support for move higher toward 22187-22270 level. Fall below 20931 to raise doubt .S1:21270 S2:20950 R1:21580 R2:21750

MCX Copper August : Break above 242.5 to set the tone for a rally towards 250-251 levels. Daily close above 255 to open the upside again towards 266 or even higher. Fall below 236 to lessen the chances of bullishness. S1: 236 S2: 233 R1: 244 R2: 247

MCX Crude Oil August : Possibility of a corrective rise towards 3085 - 3135 area while price stays above 2896. Ideally the decline should continue after this corrective rally. If the rally exceeds 3265 then the chart might look less bearish. S1: 2945 S2: 2920 R1: 3030 R2: 3060

MCX Zinc July: Corrective rallies may target 72.70 or even 73.20 as long as 71.0 levels hold. A move above 74.3 is needed to strengthen bullishness.S1: 70.4 S2: 69.30 R1: 72.0 R2: 73.0

MCX Lead July : Corrective rallies may target 76.8 or even 78.10 as long as 75.0 levels hold. A move above 79.10 is needed to strengthen bullishness.S1: 74.90 S2: 73.80 R1: 76.60 R2: 77.60

MCX Nickel July : Corrective rallies may target 736 or even 740 as long as 708 levels hold. A move above 741 is needed to strengthen bullishness.S1:710 S2:697 R1: 735 R2: 750

MCX Natural Gas Aug: Break above 165 to take price towards 171 - 176 levels. Fall below 159 to signal more bearishness ahead. S1: 156 S2: 152 R1: 164 R2: 167

TRADING STRATEGY ::

INTERNATIONAL SPOT GOLD ::

Upside movement was witnessed to test the resistance level of 925$.
Expect resistance of 925$ to be tested and the yellow color falling trend line which is placed around the same 925$-928$ range.
Support will be at 915$-900$.
A rise to test the resistance and yellow trend line could be seen. Subsequently, a reaction down is possible.
In case of a breakout and close above the yellow line then expect the rise towards the lower top of 948$ and the red color trend line which was earlier violated. In that case, later we will have to take the retracement of the fall from the peak of 989$ to 904$.

INTERNATIONAL SPOT SILVER ::

Cover short positions at current price and on dip to support of 12.62$-12.44$.
Sell again on fall and close below 12.44$.
Resistance will be tested which are placed at 12.89$-12.97$.
A breakout and close above 12.97$ will mean a breakout up out of the falling channel. The price have been moving under the blue color trend line.

NYMEX LIGHT CRUDE OIL ::

The fall has got slower and has almost got halted.
Support range is at 58$-56$. A minor bounce up is possible to create lower top.
Resistance will be at 60$-62$.
If the resistance is crossed then the pullback can be witnessed towards the earlier broken bottoms which are in the range of 66$. It will first make a lower top and later we can decide if it has the strength to cross the high. Initially rise will potentially make a lower top of the pullback rise.

NOTE :: IT IS GOOD TO FOLLOW INTERNATIONAL STRATEGY FOR TODAY AS GOOD FLUCTUATION SEEN IN USDINR !!!

ENJOY TRADING !!!