VIEWS FOR 6TH AUGUST 2009

MCX Gold October : Dips to 14820- 14835 to hold for a test of 15082- 15098 or even higher towards 15143- 15158. Fall below 14695- 14711 to dent our bullish expectations. S1:14820 S2:14760 R1:14995 R2:15080

MCX Silver September: Initial resistance is at 23371 followed by 23688 - 23783 levels. Chances are that it could even extend to 24432 levels as long as 22610 - 22895 holds. Supports are at 22895 followed by 22610. S1: 23180 S2: 22960 R1: 23485 R2: 23645

MCX Copper August : Rallies to 290.6/292.2 to offer resistance for a move lower towards 280 levels. A rise above 296.10 to negate this view. S1: 290 S2: 285 R1: 294 R2: 299

MCX Crude Oil August : Favored view expects 3427 - 3451 levels to offer resistance and prices to move lower towards 3238 - 3224 levels.Above 3453 some doubts might creep in. S1:3350 S2: 3310 R1: 3435 R2: 3460

MCX Zinc Aug : While below 91.0 , expect correction towards 88.0/87.70 levels. A rise above 91.0 to negate this bearishness. S1: 89.2 S2: 88.2 R1: 91.4 R2: 92.60

MCX Lead Aug : While below 92.95 , expect correction towards 89.0/88.0 levels. A rise above 92.95 to negate this bearishness. S1: 91.50 S2: 90.65 R1: 93.30 R2: 94.20

MCX Nickel Aug : While below 962 , expect correction towards 930/925 levels. . A rise above 962 to negate this bearishness. S1: 945 S2: 928 R1: 970 R2: 995

MCX Natural Gas August : Dips to 191.5/189.5 to find support for a move higher towards 202 levels . Fall below 188 to negate this bullish view. S1: 189.5 S2: 185.5 R1: 196 R2: 201

TRADING STRATEGY ::

MCX GOLD ::

Traders can hold long positions with a stop loss of 14840 and look for rise to 14950-15005 to exit long to take profit. Re-enter long positions on rise above 15005 with low of the day stop loss or 14840 whichever is lower at the point of breakout.

SILVER MCX SEPTEMBER ::

Traders holding long positions can maintain a stop loss of 23211. Fresh trading long positions can be undertaken on rise above 23500 with low of the day stop loss of 23211 whichever is lower at the point of breakout.
On sustained rise above 23520, expect rise to get extended towards 23652.
On fall below 23211, a minor correction or sideways movement could be witnessed before making further attempts to move higher.

INT. SPOT GOLD ::

Trader, if holding long positions can maintain a stop loss of 950$. Resistance will be at 967$-971$.
On further rise above 971$ the next resistance zone can be 973$-989$.

INT. SPOT SILVER ::

Exit long positions and take profit at current price of 14.64$-14.84$ as the opportunity arises. Re-enter long on rise and close above 14.85$.
Alternatively, traders who wish to hold long positions can maintain a stop loss of 14.53$.
A correction or sideways movement can come into existence on fall below 14.53$.
Fresh trading long positions can be undertaken on rise and close above 14.53$.

INT. SPOT SILVER ::

Exit long positions and take profit at current price of 14.64$-14.84$ as the opportunity arises. Re-enter long on rise and close above 14.85$.
Alternatively, traders who wish to hold long positions can maintain a stop loss of 14.53$.
A correction or sideways movement can come into existence on fall below 14.53$.
Fresh trading long positions can be undertaken on rise and close above 14.53$.

NYMEX LIGHT CRUDE OIL ::

Hold long positions if any with a stop loss of 69$. Resistance will be at 72.2$ and 73.8$.
Traders can buy on rise above 72.2$ with low of the day stop loss or 70$ whichever is lower at the point of breakout.
On sustained rise and close above 74$, Crude Oil can spike towards 77$ at least and may be to an outer extent to 85$.