EXPECTATION OF COMEX GOLD AND MCX GOLD AND SILVER FOR INTRA DAY AND FOR THE WEEK AEAD

GOLD (spot): +ve bias targetting 1015/6

After all the choppy trades of the last week, repeated attempts to fall past 985 has been unsuccessful which is good for the metal, and has accumulated enough for a straight move towards 1015/6. Strength at this point would be crucial for the next leap which could either be a one day spike towards 1032/6 for a sharp fall, or continued and powerful rises.

Favoured view expects 1015/6 and may be 1032/5, but beyond that visibility is blurred at this point.


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Nymex Crude(Nov): Expect upswings before more falls



Another choppy day is in store. However if prices manage to float above 70.8 expect the momentum to continue upward towards 71.8/72, and perhaps 74.3

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Comex Copper (Dec): Expect upswings before more falls



2.64 region likelyto hold for an upswing towards 2.70 initally and in an extended scenario 2.81 for a turn lower

SPOT GOLD:-Support will be at 990$-982$.
Resistance will be at 1009$, 1019$ and 1024-1033$.

Earlier breakout point was 990$ and subsequently Gold has managed to remain above it as shown by the horizontal line.

Use rise to book profit on long positions held earlier at resistance level as the opportunity arises.



SPOT SILVER:-Since the low of 8.4$, Silver has been making higher top and higher bottom but the angle of ascent looks more to be pullback of the fall from 21.35$ to 8.4$.

Support will be at 15.7$.

Resistance will be at 16.74$-17.3$-17.66$.

Use rise to take profit on long positions and maintain a stop loss of 15.7$



ALLUMINUM LME :-The rise look more to be a corrective in nature.

ALUMINUM must not fall below 1700$. If it does then it can move back down to lower level with lower top and lower top formation.

Immediate support is at 1774$.

Resistance will be at 1895$.

Immediately, Aluminum must cross 1895$.



LEAD LME;-The monthly chart display the 50% pullback of the fall from the peak of 3885$ to 850$ has been tested.

50% retracement level was placed at 2365$ and high made was 2511$. Currently a correction of the rise from 850$ to 2511$ is being witnessed.

Last close was at 2115$.

Last month low was at 2020$ where support could be witnessed. Overall a sideways to correction behavior of the rise from 850$ to 2511$ is likely to be witnessed



NICKLE LME:-NICKEL has already been into a correction of the rise from 9325$ to 21150$.

The 38.2$ retracement has been tested.

Support is being witnessed around 16800$-16225$.

Resistance will be at 17900$-18130$.

A rise and close above 18130$ can begin the rise or the rise can still be a part of correction movement from the recent peak of 21150$.

Possibility of resistance to be tested in near term is possible



ZINC LME:-The monthly chart shows the trend line breakout.

Support will be at 1850$ and 1780$-1745$.

Resistance will be at 1935$-2007$.

A breakout and close above 2007$ can confirm the breakout. If that happens then rally could get extended towards 2410$ which is the 38.2% retracement of the fall from the peak of 4600$ to 1058$.



COPPER LME:-A channeled up move was seen in the rally that began from 2815$ to 6540$.

Support of 5815$ which was the higher bottom is being tested and so also the lower channel line.

Expect selling pressure to increase if the support of 5800$ is violated on closing basis with negative candle.

If the recovery has to be witnessed then it can be from current level for sideways movement at least.

Traders willing to take risk can buy at current level or at 5815 with a stop loss of 5800$.

Resistance will be at 5970$-6100$-6200$. In case of rise and close above 6200$ then sideways movement could continue to test the recent high



SILVER MCX TRADING STRATERGY:-Support will be at 25715.

Hold long positions with a stop loss 25715 and use rise to 26080-26186 to exit long.

Fresh long positions can be undertaken on rise above 26570



GOLD MCX TRADING STRATERGY:-Hold long positions with a stop loss of 15535.

Fresh long positions can be undertaken on rise and close above 15737.

Traders who are already holding long position can look for rise to 15686 or above can be used to exit long positions. Re-enter long on rise above 15740



WEEKLY MCX Gold Dec : Base might have been seen in the 15267 / 15298 region. Rally to 16182 might begin this week. Price needs to fall below 15167 to hint at failure of this bullish expectation. Next supports are near 14957 / 14926. S1: 15475 S2: 15350 R1:15675 R2: 15750



WEEKLY:- MCX Silver December: Supports at 25379/24897 could hold corrective dips for next upturn that could develop into a rally towards 28913.Fall below 24736 is needed to hint that this bullish view might not be valid as the structure would have weakened more than expected. S1: 25820 S2: 25545 R1: 26095 R2: 26370.



WEEKLY;-MCX Copper Nov: Rise above 290 should see the price attempting recovery. Resistance is at 296.35/296.60 and 300.30.It has to rise above 300.50 to suggest that the corrective dip might have ended and the next rally might have begun.Fall below 281.60 would show that it could fall further to 272.90 or even lower. S1: 282.20 S2: 279.20 R1: 288.90 R2: 292.75.



MCX Natural Gas Oct : Dips 223 / 220 to find support for a move higher towards 232 235 levels .Fall below 214 to negate this view. S1: 221 S2:217 R1:229 R2:234



MCX Nickel Oct : While above 824 , expect prices to rally towards 850 / 855 levels . Fall below 824 to turn the picture bearish S1: 825 S2:812 R1: 847 R2: 860



MCX Zinc Oct: While above 89.30 , expect prices to rally towards 91.30 / 91.75 levels .Fall below 89.30 to negate this bullish view. S1:89.35 S2:88.40 R1:91.25 R2:92.50



MCX Lead Oct : Supports at 102.50 , while above 101.40 , expect prices to rally towards 105.40 .Fall below 101.40 to negate this bullish view. S1:102.0 S2: 101.0 R1:104.10 R2: 105.20