VIEWS FOR 02ND SEPTEMBER 2009

MCX Gold Oct: Resistances are at 15210-15250 levels now. These levels expected to cap for a decline towards 15002 or even lower. Unexpected rise above 15288 to dent our bearish view. S1: 15156 S2: 15075 R1:15246 R2: 1530

MCX Silver December: Looks quite good for a test of 24560/24720 levels while above 23595. Initial resistance is at 24475. Supports are at 23972 followed by 23792. S1: 24210 S2: 23972 R1: 24540 R2: 24720

MCX Copper Nov: Pullback to 306.50/307.50 could find resistance for a fall towards recent lows or even lower. S1: 301 S2: 296 R1: 307 R2: 313

MCX Crude Oil Sept: Resistance at 3417 followed by 3461. Ideally resistances to cap for a decline towards 3306-3290 or even lower. S1:3352 S2:3306 R1:3410 R2:3450

MCX Zinc sept: A fall below 89.00 could see a test of supports at 88.30 or lower. On the upside rallies could be capped at resistance levels of 90.60. S1: 89.00 S2: 88.30 R1: 90.25 R2: 91.10

MCX Lead Sept: A fall below 101.00 could see a test of supports at 99.60 or lower. On the upside rallies could be capped at resistance levels of 102.40/103.35. S1:101 S2: 99.60 R1:102.40 R2:103.50

MCX Nickel Sept: Rallies to 905/915 could find resistance for a move lower towards 870 levels again. More important resistance levels are at 930/940 a breach of which would cause doubts about the bearish view. S1:871 S2:854 R1:903 R2:922

MCX Natural Gas Sept: While below 150 / 153 prices could stay under pressure. Prices are still oversold but a breach of 154 levels would be required to spark a corrective rally towards 165/170 levels. S1:140 S2:136.20 R1:145 R2:150.80

GOLD (spot): Last 954Bargain hunting was visible yesterday, and it seems, Gold’s inversecorrelation with equities, is now strengthening after being patchy forsometime. However, we remain cautious about being bullish until atleast 960gives away. A direct rise above 957 would be the first indication that such amove is in motion.Alternate Scenario:Inability to move past 957 is likely to trigger a swing back in to the trajectoryto 930 levels.Strategies: Buy above 957, TGT 970, Sell below 944, TGT932

Nymex Crude(Oct): Last 68.5Though yesterday’s fall was steep, a steep and unexpecteddecline in API crude stocks (released early morning)delays an impending fall in prices. The structure nowfavours a brief push towards 69 for a turn lower andsteeper. Voluminous break above 69 would dilute theintraday bearish momentum, but is likely to turn loweragain if 70 resists

Comex Copper (Dec): Last 2.7850Trend is now turning decidedly bearish, targetting 2.72initially, but a feeble swing back towards 2.80 cannot beruled out, which is an ideal selling level again. However,only a push above 2.82-2.84 would negate the bearishmomentum

MCX GOLD TRADING STRATEGY;-

Corrective dip to 15163-15108 can be used for buying with a stop loss of 15080. Expect higher range of 15258-15313 range to be tested.

SILVER MCX TRADING STRATERGY;-

Corrective dip to 24358-24120 can be used for buying with a stop loss of 23986. Expect higher range of 24730-24968 to be tested.
The peak of 24884 could be tested.
Immediate resistance and lower top of 24375 has been crossed.

MUNNABHAI ANALYST, M. M. A. S.