VIEWS FOR 7TH JULY 2009

MCX Gold August: Rallies to 14550/14581 to find resistance for a fall lower towards 14346-14330, break above 14676 will negate this bearish view. S1: 14395 S2: 14280 R1: 14590 R2: 14670

MCX Silver September: As long as 21539 holds support expect corrective rallies towards 22350 - 22420,break below 21440 will negate this bullish view. S1: 21630 S2: 21460 R1: 21980 R2: 22250

MCX Copper Aug:Rallies to 244-245 to find resistance for fall lower toward 234-233; break above 249 willnegate bearish view. S1: 239 S2: 235 R1:245 R2:248

MCX Crude Oil July : Rallies to 3150-3165 to find resistance for a fall lower towards 3034/3019; break above3189 will negate this bearish view. S1: 3080 S2: 3040 R1: 3160 R2: 3205

MCX Lead July : Rallies to 81.80/82.40 likely to find resistance for a move lower towards 79.50 levels. Only a rise above 83.10 to negate this bearish view S1: 80.60 S2: 79.50 R1: 82.60 R2: 83.60

MCX Zinc July: Rallies to 75.30/75.60 likely to find resistance for a move lower towards 72.50 levels. Only arise above 76.20 to negate this bearish view. S1: 74.5 S2: 73.40 R1: 75.9 R2: 76.9

MCX Nickel July : Rallies to 776/781 likely to find resistance for a move lower towards 755 -745 levels. Only arise above 785 to negate this bearish view S1:760 S2:746 R1: 788 R2: 800

MCX Natural Gas July : Rallies to 174/178 likely to find resistance for a move lower towards 165 levels. Only a rise above 182 to negate this bearish view. S1: 165 S2: 162 R1: 173 R2: 176

TRADING STRATEGY ::

GOLD MCX AUGUST ::

The converging trend line has come to a point of intersection. Yesterday, we saw gold recovery from the low of 14408. The low of 14407 was not violate in last 4-5 trading days.
A breakout and close above 14624 will bring about a near term rally.
A fall and close below 14400 will bring about a fall.

SILVER MCX SEPTEMBER ::

Cover short positions on dip to 21738-21677 as the opportunity arises.
Sell again on fall and close below 21480.
Resistance of 21981-22021 range could be tested.

INTERNATIONAL SPOT GOLD ::

Expect the level of 912$ to be tested.
Traders got into short positions or intend to sell can keep a stop loss of 934$.
Support and recovery from 912$-910$ could be witnessed.
A close below 910$ can bring about a sustained slide.

INTERNATIONAL SPOT SILVER ::

Traders who are short need to maintain a stop loss of 13.46$.
Support is at 13$.
Traders can sell on fall below 13$ with high of the day stop loss or 13.46$.
The price movement is under the blue color trend line as shown in the chart.
Expect 87.5% retracement of the rise from 12.03$ to 16.22$ to be tested which is placed at 12.54$.

NYMEX LIGHT CRUDE OIL ::

A breakdown below the pink color trend line as shown in the chart has been witnessed.
The 23.6% retracement of the entire rise from 32.75$ to 73.80$ has been tested which is placed at 63.4$.
Further retracement levels 38.2%, 50% and 61.8% are placed at 58$, 53$ and 48$.
We could see price testing 58$ in days to come.
Expect attempts of pullback to test back the pink color trend line can be witnessed.
A close above 67.5$ can put Crude Oil back on track of rising path.