VIEWS FOR WEEK STARTING FORM 24TH AUGUST 2009

MCX Gold Oct : Favoured view expects 14940/14878 range to hold for a breakout past 15360 during the week.Fall below 14846 might expose it to the other support levels at 14751 or 14626. S1: 14947 S2: 14878 R1:15065 R2: 15115

MCX Silver September: Dips to 22980-22940 to support for a rally towards 23820-23890.Fall below 22750 to dent our expectations. S1: 23020 S2: 22740 R1: 23354 R2: 23820


MCX Copper Aug : Price could initially attempt to cross above 315. Next objective is at 335. Support is around 299 It needs to fall below 288.30 to hint that there could be a further correction.It looks more likely that it would not fall below 295 but would find it easier to rise towards the upside objectives. S1: 302 S2: 295 R1: 315 R2: 321

MCX Crude Oil Sept: We can expect a rise to 3708 or 3786 while staying above 3465. It has to fall below 3392 to take away the bullishness and turn the picture bearish for next important support near 3355. S1:3553 S2:3474 R1:3630 R2:3708

MCX Zinc Aug: Support at 88.00 could hold for a move higher towards 92.40.Fall below 87.00 would cause doubts about the bullish outlook. S1: 88.45 S2: 87.40 R1: 90.60 R2: 91.50

MCX Lead Aug: Dips to 89.00 / 88.50 could find support for a move higher towards 92.60.A fall below 87.70 would cause doubts about this view. S1:89.00 S2:87.80 R1:91.70 R2:92.60

MCX Nickel Aug: While above 920 levels prices could edge higher towards 976 / 986 levels now. Fall below 920 could see a move lower towards next supports at 903 / 893. S1:933 S2:905 R1:967 R2:987

MCX Natural Gas Sept: Oversold conditions do hint at a chance of corrective recovery in prices. However only a breach of 166 would spark such a rally towards 170 / 175 levels. Support is at 153 / 150 levels now. S1:153 S2:147.60 R1:162 R2:170

SPOT GOLD ;-
Expect Gold to test the brown color trend line which is around 967$.
Resistance will be at 961$-967$.
Support will be at 946$-935$.

SPOT SILVER;-
Red Color trend line which was violated is now retested on the upside.
On further sustained rise above 14.25$, the rise can go higher towards 14.46$-14.59$.
Support will be at 13.88$-13.27$.

NYMEX CRUDE:-
A breakout above 73.38$ has been witnessed.
Hold long positions with a stop loss of 71.6$.
Corrective dip to 72.8$ or below can be used for buying.(WAITING FOR AN BIG MOVE TILL 85-100 RANGE)

MCX GOLD TRADING STRATERGY;-If it opens below 15065 and rises above 15065 then buy with low below 15065 as the stop loss.
Corrective dip to 14886 can be used for buying with a stop loss of 14865.
Intra-day traders in order to minimize risk can wait for a fall below 14886 and when it moves above 14886 then buy with low below 14886 as the stop loss.

MCX SILVER TRADING STRATERGY:-
Resistance will be at 23159-23251. If it opens below 23251 and rises above 23251 then buy with low below 23251 as the stop loss.
Corrective dip to 23101 or below can be used for buying with a stop loss of 22675.