VIEWS FOR 10TH SEPTEMBER 2009

MCX Gold Oct: Fall below 15650 has caused some doubts on the bullishness. However, big picture still remains bullish for 16190. Supports at 15530/15515 to hold for 15675 followed by 16115. Direct fall below 15485 to dent our bullish expectations. S1: 15622 S2: 15565 R1:15692 R2: 15755

MCX Silver December: Though 26250 was broken; the structure looks to consolidate once again. Only a fall below 26105 to dent our bullish expectations. Favored view expects a test of 28125 as long as supports hold. S1: 26215 S2: 25853 R1: 26660 R2: 27020

MCX Copper Nov: Critical support at 308. Fall below here could drag prices lower again. As long as this support holds, look for 326. S1: 309.50 S2: 304.25 R1: 315 R2: 319.20

MCX Crude Oil Sept: Important support at 3431 now. Fall below here to take prices lower again. Direct rise above 3524 to take it to 3545/3575 levels. S1:3430 S2:3382 R1:3512 R2:3564

MCX Zinc sept: Support is at 94.50/94.25. Failure to hold support here could drag prices lower towards 93.50/92.80. Resistance is at 95.75/96.50 levels now. S1: 94.35 S2: 93.45 R1: 96.00 R2: 97.10

MCX Lead Sept: Supports are at 115.25 and 114.25. Fall below 114 could see a move lower towards 112 or even 110. Immediate resistance is at 118 levels now. S1:115.20 S2: 114.25 R1:117.75 R2:119.20

MCX Nickel Sept: Support is at 865/855 levels now. A fall below 855 could see support at 830 levels now. As long as supports hold there is a chance for a rally towards 910/922 levels. S1:862 S2:845 R1:892 R2:910

MCX Natural Gas Sept: Immediate support is at 134 followed by 129. As long as support at 130/129 levels hold we could expect a rally towards resistance at 151/153 levels. S1:134 S2:129 R1:144.40 R2:148.50

TRADING STRATEGY ::

SILVER MCX DECEMBER ::

Indecisive spinning top candle formation is being witnessed.
The 14 day RSI is still above the 70 level. As it has been above the 70 level the rally has been witnessed. Now, the RSI has to move below the 70 level for the correction or sideways movement.

Fresh long positions can be undertaken on rise and close above 27018 with low of the day stop loss.




[[[ LONG TERM OUTLOOK ON GOLD :: (VIEW GIVEN ON 28TH OF AUG WHEN GOLD TRADING AT 943):-GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN, MUNNABHAI ANALYST GROUP ]]]