WEEKLY VIEWS ::
MCX Gold Oct: Supports at 15065-15035 to hold for a test of 15380-15430 levels in the coming sessions.Fall below 14968 to dent our bullish expectations S1: 15065 S2: 14980 R1:15189 R2: 15246.
MCX Silver September: Supports at 23436 followed by 23230 to hold for a test of 24240-24400.Fall below 22875 could cause doubts on our bullish view. S1: 23650 S2: 23230 R1: 23890 R2: 24240
MCX Copper Aug : Crucial support at 304/303 levels now. Fall below 303 to test 299 being a trend line support point.Unexpected break of 299 could lead prices towards 278.S1: 307 S2: 301.80 R1: 312.50 R2: 318
MCX Crude Oil Sept: Resistance is at 3568 and 3602. Expect resistance to cap for a decline towards initial support at 3484.Subsequently a deeper fall towards 3368 or even lower is expected. S1:3504 S2:3452 R1:3568 R2:3608
MCX Zinc sept: Support is at 90.30/90.10. A fall below 90.00 could see a test of supports at 89.20 or 88.30.A break of 88.30 would set in a bearish bias and see further weakness. Resistance is at 92.00 levels now.
S1: 90.10 S2: 89.25 R1: 91.65 R2: 92.40
MCX Lead Sept: While below 104 prices could edge lower to test supports at 100.50 or even 99.50.Fall below 99.30 would set in a bearish bias and se a move lower towards 97.60. S1:102 S2: 100.50 R1:103.80 R2:105
MCX Nickel Sept: Support is at 920 levels now. A breach of the same would see prices move lower towards 900 / 895. Resistance at 958 / 965 and a breach of the same could see prices rising again. S1:930 S2:905 R1:955 R2:979
MCX Natural Gas Sept: While below 153 / 156 prices could stay under pressure. However oversold conditions still hint at a chance of corrective recovery in prices. A breach of 158 levels now could spark such a rally towards 166/170 levels.
S1:147 S2:142.50 R1:152.70 R2:157.7
INTERNATIONAL SPOT SILVER:-
Book profits on long positions on rise to 15$-15.16$ and re-enter long on close above 15.16$.
Corrective dip to 14.47$ can be used for buying with a stop loss of 14.25$.
INTERNATIONAL SPOT GOLD;-Resistance will be at 961$-972$.
Support will be at 948$.
Sell on fall below 948$ or sell on rise to 966$ with a stop loss of 972$.
NUMEX LIGHT SWEET CRUDE:-Exit long positions on rise to 73.5-75$ and re-enter long on rise and close above 75$. Corrective dip to 72.49$ can be used for buying with a stop loss of 69.8$.
COMEX COPPER:-
Comex Copper (Dec):
A penetration of previous peak on Friday, has been largely rendered impotent, owing to a disappointing close lower, followed up by a feeble test today of Friday’s peak and a 3% fall lower. Following a massive long liquidation in the morning an upswing is presently underway. 2.84 on
the lower side has held thus far and an outside chance of such pull backs turning into rallies lies in the ability to push above 2.94 early. A fall below 2.84 is likely to trigger massive falls targetting 2.70
MCX GOLD TRADING STRATERGY;-
Expect higher range of 15183-15193 to be tested.
Corrective dip to 15048 can be used for buying with a stop loss of 15022
MCX SILVER TRADING STRATEGY:-
Corrective dip to 23856-23654 can be used for buying with a stop loss of 23480.
Book profits on long positions on rise to 24231-24375 range as the opportunity arises.
Re-enter long on close above 24375
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