VIEWS FOR THE WEEK STARTING FROM 30TH NOVEMBER 2009

MCX Gold Feb: Daily chart shows pullbacks can keep the price on course towards levels
above 18061.Big picture shows that a corrective dip to 17534 or 17308 also is possible.
Resistance points are near 17910 / 18136.If Fridays freak declines are at 17094 then the
rise from there could be to 17910/18136.This is the favored expectation.
S1: 17590 S2: 17510 R1: 17750 R2: 17830.

MCX Silver March: Supports near 28218 or maximum 27986/27893 could hold corrective dips
for next rise towards 28993.Once above 28993 the scope for further gains towards 29459
would improve.Weekly chart looks bullish for a rise towards 30465.It needs to fall below
27600 to cause doubts about this bullish view. S1: 28243 S2: 28113 R1: 28505 R2: 28633.

MCX Copper Feb: The weekly chart is bullish for a rise to 337. Supports in shorter-time
frame appear near 318.20/316.20.It needs to fall below 313.20 to cause doubts about this
bullish view. S1: 316.75 S2: 312.75 R1: 324.75 R2: 328.75

MCX Crude Oil December: The weekly charts indicators have turned negative after
the sharp decline in Friday.The chart appears bearish and would most probably get
resisted near 3575 or 3614/3624 for further decline to 3467 or even 3428.The daily line
chart may breakout to the upside towards 3787 or 3885. The second alternative looks more
probable.Direct rise above 3646 would lessen the existing downside.
S1: 3502 S2: 3462 R1: 3582 R2: 3622.


MCX Zinc Dec: Dips to 103.0/103.65 to find support for a move higher towards
106.50 / 107.0 levels.Fall below 102.0 to negate this view.
S1: 102.70 S2: 101.80 R1: 104.70 R2: 105.10.

MCX Lead Dec: While above 105.30 expect prices to rally higher towards 109.30 levels.
S1: 106.20 S2: 105.20 R1: 108.20 R2: 109.50


MCX Nickel Dec: While above 737 expect prices to rally higher towards 791 levels.
S1: 748 S2: 738 R1: 769 R2: 782

MCX Natural Gas Dec: While above 233 expect price to rally higher towards 252 or even Higher towards 261 levels. S1: 240 S2: 236 R1: 247 R2: 251


TRADING STRATEGY ::

MCX GOLD TRADING STRATERGY:-Exit long positions on rise from current price of 17700-18009 range as the opportunity arises.

Expect sideways correction before making any further attempts to cross the recent high of 18047.

Support will be at 17634-17296-17262.

MCX SILVER TRADING STRATERGY :: On Friday, we had indicated to sell below 28338. The high and low registered on Friday was 28583 and 27538 respective.

Traders who sold below 28583 had the opportunity to benefit.

Cover short positions if any on dip to 28095-27608 range as the opportunity arises.

Traders who are stuck up with long positions can look for rise from current price of 28345-28653 to exit long positions.

Buy on rise above 28860

INTERNATIONAL SPOT GOLD ::

The rally had got steeper and vertical in last few weeks.
A trend line breakdown has been witnessed but the close is above the trend line.

Overall immediate objective from trading purpose can be to exit long positions on rise from current price of 1178$ to 1195$ as the opportunity arises.

A correction or sideways movement could be witnessed in the immediate near term.


INTERNATIONAL SPOT SILVER ::

The upper trend line take from the highs has been tested but has not been able to cross and sustain above it.

Negative divergence on RSI is being witnessed for a long time but price cracking down the support has not been witnessed significantly. Recovery has been witnessed in the price to come back to the recent highs generally.

The immediate objective can be to exit long position on rise from current price of 18.44$ to 18.93$.

Support will be at 18$.

A fall and close below 18$ can take the prices down towards 17.64$-17$


NYMEX CRUDE :: Support level is around 70$ which the 23.6% retracement level of the rise from 35.65$ to 82$.

A further rally can come into existence only on breakout and close above 82$. Till then expect sideways movement in the wider band now of 82$-70$. Overall objective will be to exit long positions on rise from current price of 76$-82$ to exit long.


NYMEX NATURAL GAS :: Only a breakout and close above 5.32$ a break the shackle of sideways movement and consolidation.

Traders can Book profit if holding long positions at current price of 5.19$ to 5.32$ as the opportunity arises.

Re-enter long on rise and close above 5.32$.

Support will be at 4.76$-4.61$


GOLD (spot): 1178.5

A swift flash towards 1136 last Friday, almost invalidated the strong support at 1146, but on second look, it becomes clearer that buying re emerged after prices swiftly pulled back and stayed above 1146. To this extent, the momentary fall below 1146 could be ignored, and suggests that buying interest is alive. Prices have now swung higher, but 1181 looks challenging.



Strategies: (Long)

Longs above 1181

Longs at 1168

Strategies: (Shorts)

Sell at 1180/81

Sell below 1146

Broad Trend: A direct rise above 1180 could call for 1227