VIEWS FOR 1ST JUNE 2009

VIEWS FOR THE WEEK ::

MCX Gold August: Resistances are at 14955/14970 followed by 15107 levels. A corrective dip towards 14650 levels look likely after the rise towards resistances Supports are at 14800 followed by 14680. S1: 14800 S2: 14735 R1: 14900 R2: 15100

MCX Silver July : Immediate resistance is at 24750/24800 levels. Ideally, a corrective decline should take place from here towards 23015.Else the move has the potential to even test 27250/27280 levels. S1: 24000 S2: 23660 R1: 24335 R2: 24700

MCX Copper June: A rally towards 245 levels or even higher expected. Supports are at 226 followed by 222.Fall below 212 to dent our bullish expectations.S1: 227 S2: 223 R1: 231 R2: 236

MCX Crude Oil June: Supports are at 3090 followed by 3050. Favored view expects a rally towards 3255 or even towards 3490 as long as supports hold.Fall below 3040 could weaken the bullish structure. S1: 3100 S2: 3060 R1: 3150 R2: 3225

MCX Zinc June: Initial resistance is at 73.2/73.3 levels. Above this level prices may move towards 75.0/76.2 levels.Failure to break above 73.3 could see a move lower towards next important supports at 71.3 followed by 69.5.S1: 71.3 S2: 69.5 R1: 75.0 R2: 76.2

MCX Lead June : Strong resistance is seen at 75.0 level. Until prices break above this level expect prices to move towards 72.5 levels.Moves above 75.0 is likely to take prices towards 76.8 levels. S1: 72.5 S2: 70.0 R1: 75.0 R2: 76.8

MCX Natural Gas June : Until the resistance at 188 levels caps any up moves expect prices to move towards 178 levels.Close above 188 will be a bullish sign.S1: 181 S2: 178 R1: 188 R2: 192

MCX Nickel June: Dips to 648/650 levels to find support for higher moves towards 665/670 levels now.Fall below 645 to cause doubts on this bullish view.S1:648 S2:639 R1: 660 R2: 670

TRADING STRATEGY FOR THE DAY ::

GOLD MCX JUNE ::

Expect rise towards 14987 at least and to an outer extent to 15228.
Immediate support is at 14870.
On fall below 14870, expect 14838-14759.
Traders holding long positions can keep a stop loss of 14870 to hold long positions and take profit at 14987 or above as the opportunity arises.
Corrective dip to 14759 or below can be used for buying with a stop loss of 14720.

SILVER MCX JULY ::
The continuous chart of Silver show a breakout but the contract chart for July has yet to show.
The resistance on July contract is at 24300.
A breakout and close above 24300 can take the price higher to the range of 25052-25328.
Traders holding long positions can keep a stop loss of 23990.
Expect higher range of 24268-24342 to be tested.

INTERNATIONAL SPOT GOLD ::

Resistance will be at 997$-1005$-1031$.
Support will be at 961$-940$.
Expect a rise to rest the resistance of 997$ at least.
Traders holding long positions can maintain a stop loss of 940$ and look for rise towards 997$-1031$ to take profit.
Trend line resistance and the resistance from the lower tops will be witnessed

INTERNATIONAL SPOT SILVER ::

Expect a rise towards 16..40$.
Friday’s low of 15.12$ is the immediate support and stop loss to hold long positions.

USD INR ::
Support for USD is at 47$-46.40$.
Resistance will be at 48..10$.
In case of fall and close below 46.40$, USD can slide down further towards 45.75$ to 44.10$.
Traders who are short on USD can maintain a stop loss of 48.10$.
A rise and close above 48.10$ in near term can bring about a pullback rise of the fall from the recent peak of 52.13$ to 47$ or the low registered below it.

MUNNABHAI ANALYST