EXPECTATION OF COMEX GOLD AND MCX GOLD WITH LONG TERM VIEW ON GOLD AND NATURAL GAS AS ON 4 TH OF SEPT

MCX Gold Oct: Supports are at 15540 followed by 15410. Supports could hold for a test of 15992 or even higher. Fall below 15400 to see prices correct towards supports at 15280-15250. S1: 15668 S2: 15566 R1:15806 R2: 15892




MCX Silver December: Supports are seen at 25002/24775. While above these levels prices could stay firm. A break above 26325 could see a move higher towards 26940/27261. Fall below 24770 could see prices correct further towards 24518/24422. S1: 25680 S2: 25240 R1: 26250 R2: 26740



MCX Copper Nov: A breach of 315 could see a move higher towards 323. Supports are at 306 / 301.50. Fall below 300.50 to see prices edge lower again.S1: 307 S2: 301 R1: 313 R2: 318



MCX Crude Oil Sept: Supports are at 3316 followed by 3280. Ideally, a pullback towards 3423 or even higher towards 3455 looks likely as long as supports hold. S1:3306 S2:3260 R1:3380 R2:3420



MCX Zinc sept: Dips to 90.20 / 89.65 could find support for a move higher towards 93.00. Fall below 89.15 to set in a bearish tone. S1: 90.70 S2: 89.65 R1: 92.40 R2: 93.20



MCX Lead Sept: Resistance is now seen at 114 followed by 116 levels. Dips to 108 / 106 could find support. Direct fall below 105.80 could see prices correct further towards 103 or even 100 levels. S1:110.20 S2: 108 R1:113.15 R2:114.30



MCX Nickel Sept: As long as support at 870/868 hold prices could rise in correction towards 920 or even 938. A fall below 868 would lessen a chance of a pullback and see prices move lower again. S1:882 S2:868 R1:910 R2:938



MCX Mentha Oil Sept : - A fall below 514 could see prices weaken towards 508 levels. Resistance is at 525/ 529 levels. A breach of 529 would be required to see prices rally further. S1:- 514 S2:- 509 R1:- 524 R2:- 530.80



TRADING STRATEGY ::



SILVER MCX DECEMBER :: Corrective dip to 25774-25298 can be used for buying with a stop loss of 24934. Expect higher range of 26614-27090 to be tested.
The monthly chart below shows that the peak range of 27230-27500 will be tested.
The daily chart shows the 2 point 1.618 upside retracement level target is 27122. A breakout seen a few days back with huge volumes and further follow also witnessed which had resulted into a rise to current levels.
Higher levels should be used to take profit if holding long positions



GOLD MCX OCTOBER :: Expect a rise to test daily upper level of 15900-16022 range.

Corrective dip to 15680-15555 can be used for buying with a stop loss of 15464. The monthly chart below since 2004 shows a sustained rally irrespective of short to medium term volatility and correction.

The monthly chart below since 2004 shows a sustained rally irrespective of short to medium term volatility and correction.

Gold on the continuous chart shows that the peak of 16036 is now round the corner with 250 odd points away.
The next major resistance will be at 16036.
On the daily chart of October contract, the resistance will be at 15929 and the peak in October’09 contract is 16200. Expect profits booking at higher range of 15929-16200 range.




NYMEX NATURAL GAS ::



We have seen important trend line getting violated in the current month in 3 trading days.

The high in the current month is at 3.017$.

As a result of the breakout, Natural Gas is expect to move in the purple box shown in the chart which has the price range of 1.86$-1.59$.

The close as on 3/09/09 is 2.50800$.

Medium term short stop loss remains at 3.017$

The 100% projection as shown by orange color line is placed at 1.96$. Therefore, on the whole further decline is still likely with volatility.

Unless 3.017$ is not crossed fall will not be arrested till 1.96$ at least