VIEWS FOR 29 OCTOBER 2009

INTERNATIONAL SPOT GOLD;-Another support of 1035$ was violated yesterday.
Sell on fall below 1026$ with high of the day stop loss.

Traders who are holding short positions can keep a stop loss of 1044$.

Expect lower level of 1015$ to be tested





INTERNATIONAL SPOT SILVER:-The low of 15.7$ is likely to be tested.

Traders who are holding short positions can maintain a stop loss of 16.77$.

Sell on fall below 16.08$ with high of the day stop loss.



MCX GOLD TRADING STRATERGY:-Sell on fall below 15810 with high of the day stop loss.

Intra-day traders can wait for a rise above 15924 and when it falls below 15924 then sell with high above 15924 as the stop loss.



MCX SILVER TRADING STRATERGY;-Hold short with a stop loss of 26411.

Sell on rise to 26090-26294 with a stop loss of 26411.

Expect lower range of 25768-25564 to be tested.

In case of close below 25715 with a negative candle, Silver can slide down towards 24312.



MCX Gold Dec:Support at 15797/15828 has held well.Dips to 15843 could be bought with stop loss at 15766 targeting 16105. S1:15803 S2:15723 R1:15963 R2:16043.



MCX Silver Dec: Retracement towards 26318 followed by 26958 levels. Dips to 25758 / 25838 to find support targeting above-mentioned levels.Direct fall below 25758 to result in a further decline towards 25358. S1: 25852 S2: 25722 R1: 26112 R2: 26242.



MCX Copper November: While below 311 expect the decline to continue towards 300.55 levels.Good support will be seen in the 298.50/300.60 zones. S1: 304.30 S2: 300.30 R1: 312.30 R2: 316.30.



MCX Crude November: Ideally 3612 to hold for the rally to resume higher again towards 3798 or even higher. S1: 3639 S2: 3599 R1: 3719 R2: 3759.



MCX Zinc Oct: Rallies to 103.50 -104.0 to find resistance for a move lower towards 101 levels.A rise above 106.0 to raise doubts.S1:102.0 S2:101.0 R1:104.00 R2:105.10






Watch out for:

Eurozone Business Climate/Consumer Confidence

US GDP/Personal Consumption

Natural Gas Storage Data

GOLD (spot): Last 1032.3



Even as the broad bias remains negative, we are in for some quick choppy consolidation, before the next directional move, with most of the measure downside objectives having met.

Trading Strategies:

Sell at 1032, TGT1029/26

Buy near 1026/24

Sell below 1022. TGT 1014/1005

Buy above 1033.2TGT 1039
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Nymex Crude(Dec): Targets 76.2



Should fall straight away or from 77.4/77.8 towards 76.2. Formation of H&S adds the ideal set up for this move. However, further sell off’s likelihood rests on how well 76 region holds. H&S pattern suggests a fall through, however, it is highly likely this region, being the year’s top for almost 5 months until October month, could hold. A pull back above 78.9 would be a major bullish move.
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Comex Copper (Dec): A feeble swing higher.



Prices area at the lower extremity of the rising trendline, suggesting a pull back higher. However, it would require a push aboce 2.94/5 before such moves would strengthen towards 2.996

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