VIEWS FOR THE WEEK STARTING FROM 7TH SEPTEMBER 2009

MCX Gold Oct: Immediate support is at 15630. A breach of the same could see a drift lower to supports at 15550 followed by 15425/15393.These levels could hold for a test of 16010 or even higher. Fall below 15390 to see prices correct further towards supports at 15265. S1: 15668 S2: 15566 R1:15795 R2: 15892




MCX Silver December: We could see the price drifting to supports near 25567 or even 24922 before next rise towards 26615 or 27342. It has to fall below 24760 to give up this bullish expectation as price might find it difficult to rise as expected. S1: 25720 S2: 25430 R1: 26320 R2: 26740



MCX Copper Nov: The big picture trend is up for levels above 323 or 329 but the momentum is bearish in weekly & daily charts hinting at a drift to 304 or ideally towards 290. Next rally might start after this corrective decline. It has to fall below 286 to give up the bullish expectation.S1: 307 S2: 301 R1: 313 R2: 318



MCX Crude Oil Sept: Resistance is at 3400. Favoured view expects a decline towards 197 or 3151. It has to rise above 3487 to suggest that price .might find it difficult to decline as per this view. S1:3290 S2:3249 R1:3348 R2:3400



MCX Zinc sept: While above 92.00 prices could stay firm and test resistance at 95.00. Fall below 92.00 could see a move lower towards next supports at 91.00 / 90.50. S1: 92.90 S2: 92.00 R1: 94.30 R2: 95.10



MCX Lead Sept: As long as support at 111/110.10 hold prices could stay firm and edge higher towards 116.50 again. Fall below 110.00 could see a drift lower to next supports at 106.40. S1:113.00 S2: 112.15 R1:115.30 R2:116.50



MCX Nickel Sept: Prices have found support at 860/857 levels. We can expect a corrective rally towards 901/910 levels as long as supports hold. S1:860 S2:844 R1:888 R2:906



MCX Natural Gas Sept: A break above 140 could spark a corrective rally towards resistance at 155 levels. Supports are at 128/124 levels now. S1:130.00 S2:124 R1:140.00 R2:145.90



MCX Mentha Oil Sept : - Resistance is at 525/ 529 levels. A breach of 529 would be required to see prices rally towards 535. On the other hand a direct fall below 513 could see a move lower towards 508. S1:- 513 S2:- 508 R1:- 524 R2:- 530



TRADING STRATEGY ::



SILVER MCX DECEMBER :: Hold long positions with a stop loss of 25656.

Book profit on rise towards 26506-26869 range as the opportunity arises.

Fresh trading long positions can be undertaken on rise above 26444 with low of the day stop loss.



GOLD MCX OCTOBER :: Traders holding long positions can hold long with a stop loss of 15630.

Resistance will be at 15806-15900-15929.

Traders holding long positions can take profit on rise to 15900 or above as the opportunity arises.

Corrective dip to 15646 can be used for buying with a stop loss of 15600.



INT. SPOT SILVER :: Last week, Silver exhibited a trend line breakout as shown in the chart.

It has tested 61.8% retracement level of the fall from peak of 21.24$ to 8.42$.

Resistance is likely to be witnessed at current levels.

Traders holding long positions can keep a stop loss of 15.8$ and Book on rise from current price to 16.50$ as the opportunity arises.



INT. SPOT GOLD :: A breakout and close above the trend line and the lower top of 971$ was witnessed last week.

The historical peak was at 1030$ formed in March 2008.

Further lower top was formed in Feb’09 at 1005$.

Last week a breakout and close above 971$ has generated a potential to test 1005$.

The high registered on breakout above 971$ last week was 997.2$.

On Friday the movement was narrow within the Thursday’s movement and before its high of 997.2$.

Traders who are holding long positions need to maintain a stop loss of 985$.

Traders can Book profits at 1005$ and 1030$ as and when the opportunity arise during the week.



NYMEX NATURAL GAS :: On the monthly chart, the current month candle is in progress and will change as the price move till the month is not complete.

The high of the Sept’09 month till now is placed at 3.017$.

A recovery was seen on Friday from the low of 2.409$ to closed at 2.728$ was seen.

Traders who are holding short positions for the time being can cover short at current price and on dip towards 2.409$ as the opportunity arises.

A minor pullback towards 2.81$-2.91$ could be witnessed.

Sell on rise to 2.81-$2.91$ with a stop loss of 3.017$.

Sell further on fall below 2.40$. On further fall below 2.40$ expect a slide towards 1.982$.



NYMEX LIGHT CRUDE OIL :: Support will be at 67.05$-66$.

Traders holding short positions can maintain a stop loss of 70$.

Sell on fall below 66$ with high of the day stop loss.



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