VIEWS FOR 2ND JUNE 2009

MCX Gold August: Price structures are looking good for a rise towards 14750/14780 levels now. Dips to 14440/14471 to support attempts to dip. Fall below 14379 to neutralize our bullish expectations.S1: 14470 S2: 14380 R1: 14640 R2: 14750

MCX Silver September: Initial resistance is at 22342/22374 levels followed by 22582/22614 now. Directrise above 22615 to increase the chances of a rally higher towards 23525 or even higher. Fall below21655 to cause doubts on our bullish view.S1: 21730 S2: 21500 R1: 22150 R2: 22400

MCX Copper August : Support at 239.7 held well for a rally higher. Resistance is at 253/254 levels now. Crucial support is still at 239 and an unexpected drop below this level to open the downside again.S1: 243 S2: 239 R1: 249 R2: 252

MCX Crude Oil July : Break below 3297 has opened the way for 3156 or even lower now. Rallies to 3374 to find strong resistance. Unexpected rise above 3437 to dent our bearish expectations.S1: 3275 S2: 3240 R1: 3335 R2: 3380

MCX Zinc July: Dips to 75.20 – 75.00 to find support for a move higher towards 77.30 levels now. Fall below 74.20 to negate this bullish view.S1: 74.9 S2: 73.70 R1: 76.8 R2: 77.45

MCX Lead July : Dips to 82.50 – 82.20 to find support for a move higher towards 84.50 levels now. Fall below 80.90 to negate this bullish view.S1: 81.60 S2: 80.50 R1: 83.60 R2: 84.60

MCX Nickel July : Dips to 764 – 760 to find support for a move higher towards 815 levels now. Fall below745 to negate this bullish view. S1:762 S2:746 R1: 790 R2: 810

MCX Natural Gas July : Rallies to 189 – 192 to find resistance for a move lower towards 175 levels now. Rise above 194.5 to negate this bearish view.S1: 178 S2: 174 R1: 186 R2: 190

MCX Mentha Oil July: - Resistance at 510 – 512 levels. Favored view expects rallies to find resistance and move lower towards 500 levels. Rally above 516 to negate this bearish view.S1:- 502 S2:- 497 R1:- 509 R2:- 513

TRADING STRATEGY ::

GOLD MCX AUGUST ::

The Gold Price movement for august contract is getting cramped between the two converging trend lines Support take on the red color trend line and bounce up.
Support will be at 14454-14381.
A fall and close below 14381 can bring about a further fall and a sharp fall.
In the same way the resistance of pink color trend line and the lower top of 14823 must be crossed.
Resistance will be at 14615-14823.
Traders long can take profit on rise to 14615-14823.
Sell on fall below 14381.

SILVER MCX SEPTEMBER ::

Support will be at 21817.
Sell on fall below 21817 with high of the day stop loss or 22131 whichever is higher.
A rise towards 22134 is possible.
Intra-day traders can wait for a rise above 22134 and when it falls below 22134 then sell with high above 22134 as the stop loss.

INTERNATIONAL SPOT GOLD ::

The retracement of 928$ and 922$ was tested yesterday. The low registered in last 2 trading days is 922$.
Yesterday the close was higher at 940.25$.
Resistance will be at 943$-950$.
Support will be at 922$.
A breakout and close above 950$ can bring about a rise to test back the recent peak.
A fall and close below 922$ will test back 910$ at least and can even move down towards the low of 880$ and 864$.
Traders who are short can maintain a stop loss of 850$ and look to cover on dip towards 933$-922$.
Sell again below 922$.
A range of movement between 950$-922$ is being witnessed. A sustained breakout or breakdown can decide further course of price movement.


INT. SPOT SILVER ::

Support of 13.59$ was violated 2 days back. Yesterday it closed up at 13.74$.
Support will be at 13.61$-13.46$.
Traders who are short can maintain a stop loss of 13.86$ and look to cover short positions at support of 13.61$ or below.
Sell again below 13.45$ with high of the day stop loss.
Resistance will be at 13.83$-14.13$.


NYMEX LIGHT CRUDE OIL ::

A sideways movement in a band of 73.3$-66$ is likely to be witnessed. A fall and close below 66$ can bring about a correction.
On the immediate front look for rise towards 73$ to exit and take profit as the opportunity arises and re-enter long above 73.5$.


HG COPPER COMEX ::

The wave structure of the rise from 72$(2001) to 404$(2006) shows a 5 wave increase and then a corrective irregular flat pattern move down to 125$(2008). A pullback rise has been witnessed from 125$ to 245$.
Support will be at 211$.
A fall and close below 211$ will begin its down movement in form of Wave C.
Wave B of correction could get terminated at current level or on rise to 265$-297$.

ENJOY TRADING !!!!