GOLD LONG TERM OUTLOOK ;-
GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN
MCX Gold Oct : Finally getting ready to break higher. Break above 15158 to open the way higher for 15492 levels or even higher. Supports are at 15000 followed by 14936. S1: 14980 S2: 14936 R1:15084 R2: 15136
MCX Silver September: After a messy consolidation, we could see a break higher. Break above 23630 to test24040-24060 or even higher towards 24660. Supports at 23271 followed by 23025. S1: 23124 S2: 22960 R1: 23530 R2: 23792
MCX Copper Aug : Supports are at 309/308. Expect prices to test 326-328 levels while above 305.S1: 307 S2: 301.80 R1: 312.50 R2: 318
MCX Crude Oil Sept: Supports are at 3514 followed by 3490. Supports to hold for a test of 3608 or even higher. S1:3490 S2:3452 R1:3554 R2:3608
MCX Zinc Aug: While above support at 87.50 prices could stay firm. Resistance seen at 91.20 levels now and a breach of the same could see prices rising further towards 92.50. S1: 88.50 S2: 87.50 R1: 90.05 R2: 91.20
: MCX Lead Aug: While above 97.70 prices could stay firm and edge higher towards 102. Fall below 97.50 would cause doubts about this view. S1:98.50 S2:97.65 R1:100.00 R2:101.
MCX Nickel Aug: Support is at 920 levels now. A breach of the same would be required to see prices move lower towards 900 / 895. While above this levels prices could attempt to test resistance at 955 levels and a break above it could see prices rising again. S1:930 S2:905 R1:955 R2:979
MCX Natural Gas Sept: A fall below 152.50 could see further weakness. However oversold conditions still hint at a chance of corrective recovery in prices. A breach of 162 could spark such a rally towards 170/175 levels. S1:153 S2:149.50 R1:159.10 R2:163.50
MCX Mentha Oil Aug : - Rallies to 513/515 could find resistance for a move lower again towards 501. A rise above 516.20 would cause doubts about this view. S1:- 505 S2:- 501 R1:- 511 R2:- 516
MCX SILVER TRADING STRATERGY;-
Exit long positions on rise to 23287-23449 range as the opportunity arises.
Re-enter long on rise and close above 23550.
Corrective dip to 23133 can be used for buying with a stop loss of 23030.
Sell on fall below 23000 with high of the day stop loss.
Intra-day traders can wait for a rise above 23449 and when it falls below 23449 then sell with high above 23449 as the stop loss.
MCX GOLD TRADING STRATERGY:-
Buy on breakout above 15085 with low of the day stop loss or 14980 whichever is lower at the point of breakout.
Sell on fall below 14980 with high of the day stop loss.
Intra-day traders can wait for a rise above 15067 and when it falls below 15067 then sell with high above 15067 as the stop loss
Friday, August 28, 2009
Wednesday, August 26, 2009
VIEWS FOR 26TH AUGUST 2009
MCX Gold Oct : Resistance at 15075-15125 to cap for a decline towards 14760 levels now.
S1: 14936 S2: 14883 R1:15037 R2: 15085
MCX Silver September: Moving in the range 23595 – 22960. A break of the range would decide the next directive move. S1: 23180 S2: 22960 R1: 23530 R2: 23792
MCX Copper Aug : As long as 311.50/312.50 caps expect a fall towards 299 or even lower.
S1: 302 S2: 298 R1: 309.20 R2: 313
MCX Crude Oil Sept: As expected we saw a fall towards 3485. Resistance at 3573 followed by 3607. Favored view expects resistances to cap for a decline towards 3411. S1:3460 S2:3411 R1:3544 R2:3608
MCX Zinc Aug: Support is at 87.50/87.20. As long as support hold prices could stay firm and test resistance at 91.20. Fall below 87.20 could se prices falling towards 85.00/84.70. S1: 87.57 S2: 86.70 R1: 89.05 R2: 90.00
MCX Lead Aug: While above 95.30 prices could stay firm. Resistance is now seen at 99.90 / 100.30. A fall below 95.20 could see correction in prices to supports at 93.00 / 92.00.
S1:95.35 S2:93.80 R1:99.35 R2:100.30
MCX Nickel Aug: Support is at 926 levels now. Fall below 923 could see a move lower towards next supports at 903 / 893. As long as 923 levels holds prices could stay firm and test resistance at 970 levels. S1:926 S2:905 R1:958 R2:979
MCX Natural Gas Sept: Oversold conditions do hint at a chance of corrective recovery in prices. However a breach of 166/168 would spark such a rally towards 175/180 levels. Support is at 157 / 155 levels now. S1:158 S2:153 R1:166 R2:172
MCX Mentha Oil Aug : - Support is at 510.50 levels. A breach of the same could see 508 or even 502 levels. Rallies could find stiff resistance at 518 /521 levels. Only a rise above 524 would see prices rising again. S1:- 510.50 S2:- 505 R1:- 517 R2:- 522.50
MCX GOLD TRADING STRATERGY:-Use rise to 14987-15040 to exit long positions as the opportunity arises.
Buy on rise and close above 15084 with low of the day stop loss.
Expect lower range of 14908-14855 to be tested
MCX SILVER TRADING STRATERGY;-
Buy on rise and close above 23496 with low of the day stop loss at the point of breakout.
Corrective dip to 23281-23130 can be used for buying with a stop loss of 23000.
Sell on fall below 23000 with high of the day stop loss.
INTERNATIONAL SPOT GOLD :-
Sideways volatile and inclusive moves are being witnessed.
The band of movement is getting narrower between its earlier peaks and troughs.
Resistance will be at 951-958$.
Support will be at 937$-935$.
Use rise to higher range to exit long positions
ENJOY TRADING !!!!
S1: 14936 S2: 14883 R1:15037 R2: 15085
MCX Silver September: Moving in the range 23595 – 22960. A break of the range would decide the next directive move. S1: 23180 S2: 22960 R1: 23530 R2: 23792
MCX Copper Aug : As long as 311.50/312.50 caps expect a fall towards 299 or even lower.
S1: 302 S2: 298 R1: 309.20 R2: 313
MCX Crude Oil Sept: As expected we saw a fall towards 3485. Resistance at 3573 followed by 3607. Favored view expects resistances to cap for a decline towards 3411. S1:3460 S2:3411 R1:3544 R2:3608
MCX Zinc Aug: Support is at 87.50/87.20. As long as support hold prices could stay firm and test resistance at 91.20. Fall below 87.20 could se prices falling towards 85.00/84.70. S1: 87.57 S2: 86.70 R1: 89.05 R2: 90.00
MCX Lead Aug: While above 95.30 prices could stay firm. Resistance is now seen at 99.90 / 100.30. A fall below 95.20 could see correction in prices to supports at 93.00 / 92.00.
S1:95.35 S2:93.80 R1:99.35 R2:100.30
MCX Nickel Aug: Support is at 926 levels now. Fall below 923 could see a move lower towards next supports at 903 / 893. As long as 923 levels holds prices could stay firm and test resistance at 970 levels. S1:926 S2:905 R1:958 R2:979
MCX Natural Gas Sept: Oversold conditions do hint at a chance of corrective recovery in prices. However a breach of 166/168 would spark such a rally towards 175/180 levels. Support is at 157 / 155 levels now. S1:158 S2:153 R1:166 R2:172
MCX Mentha Oil Aug : - Support is at 510.50 levels. A breach of the same could see 508 or even 502 levels. Rallies could find stiff resistance at 518 /521 levels. Only a rise above 524 would see prices rising again. S1:- 510.50 S2:- 505 R1:- 517 R2:- 522.50
MCX GOLD TRADING STRATERGY:-Use rise to 14987-15040 to exit long positions as the opportunity arises.
Buy on rise and close above 15084 with low of the day stop loss.
Expect lower range of 14908-14855 to be tested
MCX SILVER TRADING STRATERGY;-
Buy on rise and close above 23496 with low of the day stop loss at the point of breakout.
Corrective dip to 23281-23130 can be used for buying with a stop loss of 23000.
Sell on fall below 23000 with high of the day stop loss.
INTERNATIONAL SPOT GOLD :-
Sideways volatile and inclusive moves are being witnessed.
The band of movement is getting narrower between its earlier peaks and troughs.
Resistance will be at 951-958$.
Support will be at 937$-935$.
Use rise to higher range to exit long positions
ENJOY TRADING !!!!
Monday, August 24, 2009
VIEWS FOR WEEK STARTING FORM 24TH AUGUST 2009
MCX Gold Oct : Favoured view expects 14940/14878 range to hold for a breakout past 15360 during the week.Fall below 14846 might expose it to the other support levels at 14751 or 14626. S1: 14947 S2: 14878 R1:15065 R2: 15115
MCX Silver September: Dips to 22980-22940 to support for a rally towards 23820-23890.Fall below 22750 to dent our expectations. S1: 23020 S2: 22740 R1: 23354 R2: 23820
MCX Copper Aug : Price could initially attempt to cross above 315. Next objective is at 335. Support is around 299 It needs to fall below 288.30 to hint that there could be a further correction.It looks more likely that it would not fall below 295 but would find it easier to rise towards the upside objectives. S1: 302 S2: 295 R1: 315 R2: 321
MCX Crude Oil Sept: We can expect a rise to 3708 or 3786 while staying above 3465. It has to fall below 3392 to take away the bullishness and turn the picture bearish for next important support near 3355. S1:3553 S2:3474 R1:3630 R2:3708
MCX Zinc Aug: Support at 88.00 could hold for a move higher towards 92.40.Fall below 87.00 would cause doubts about the bullish outlook. S1: 88.45 S2: 87.40 R1: 90.60 R2: 91.50
MCX Lead Aug: Dips to 89.00 / 88.50 could find support for a move higher towards 92.60.A fall below 87.70 would cause doubts about this view. S1:89.00 S2:87.80 R1:91.70 R2:92.60
MCX Nickel Aug: While above 920 levels prices could edge higher towards 976 / 986 levels now. Fall below 920 could see a move lower towards next supports at 903 / 893. S1:933 S2:905 R1:967 R2:987
MCX Natural Gas Sept: Oversold conditions do hint at a chance of corrective recovery in prices. However only a breach of 166 would spark such a rally towards 170 / 175 levels. Support is at 153 / 150 levels now. S1:153 S2:147.60 R1:162 R2:170
SPOT GOLD ;-
Expect Gold to test the brown color trend line which is around 967$.
Resistance will be at 961$-967$.
Support will be at 946$-935$.
SPOT SILVER;-
Red Color trend line which was violated is now retested on the upside.
On further sustained rise above 14.25$, the rise can go higher towards 14.46$-14.59$.
Support will be at 13.88$-13.27$.
NYMEX CRUDE:-
A breakout above 73.38$ has been witnessed.
Hold long positions with a stop loss of 71.6$.
Corrective dip to 72.8$ or below can be used for buying.(WAITING FOR AN BIG MOVE TILL 85-100 RANGE)
MCX GOLD TRADING STRATERGY;-If it opens below 15065 and rises above 15065 then buy with low below 15065 as the stop loss.
Corrective dip to 14886 can be used for buying with a stop loss of 14865.
Intra-day traders in order to minimize risk can wait for a fall below 14886 and when it moves above 14886 then buy with low below 14886 as the stop loss.
MCX SILVER TRADING STRATERGY:-
Resistance will be at 23159-23251. If it opens below 23251 and rises above 23251 then buy with low below 23251 as the stop loss.
Corrective dip to 23101 or below can be used for buying with a stop loss of 22675.
MCX Silver September: Dips to 22980-22940 to support for a rally towards 23820-23890.Fall below 22750 to dent our expectations. S1: 23020 S2: 22740 R1: 23354 R2: 23820
MCX Copper Aug : Price could initially attempt to cross above 315. Next objective is at 335. Support is around 299 It needs to fall below 288.30 to hint that there could be a further correction.It looks more likely that it would not fall below 295 but would find it easier to rise towards the upside objectives. S1: 302 S2: 295 R1: 315 R2: 321
MCX Crude Oil Sept: We can expect a rise to 3708 or 3786 while staying above 3465. It has to fall below 3392 to take away the bullishness and turn the picture bearish for next important support near 3355. S1:3553 S2:3474 R1:3630 R2:3708
MCX Zinc Aug: Support at 88.00 could hold for a move higher towards 92.40.Fall below 87.00 would cause doubts about the bullish outlook. S1: 88.45 S2: 87.40 R1: 90.60 R2: 91.50
MCX Lead Aug: Dips to 89.00 / 88.50 could find support for a move higher towards 92.60.A fall below 87.70 would cause doubts about this view. S1:89.00 S2:87.80 R1:91.70 R2:92.60
MCX Nickel Aug: While above 920 levels prices could edge higher towards 976 / 986 levels now. Fall below 920 could see a move lower towards next supports at 903 / 893. S1:933 S2:905 R1:967 R2:987
MCX Natural Gas Sept: Oversold conditions do hint at a chance of corrective recovery in prices. However only a breach of 166 would spark such a rally towards 170 / 175 levels. Support is at 153 / 150 levels now. S1:153 S2:147.60 R1:162 R2:170
SPOT GOLD ;-
Expect Gold to test the brown color trend line which is around 967$.
Resistance will be at 961$-967$.
Support will be at 946$-935$.
SPOT SILVER;-
Red Color trend line which was violated is now retested on the upside.
On further sustained rise above 14.25$, the rise can go higher towards 14.46$-14.59$.
Support will be at 13.88$-13.27$.
NYMEX CRUDE:-
A breakout above 73.38$ has been witnessed.
Hold long positions with a stop loss of 71.6$.
Corrective dip to 72.8$ or below can be used for buying.(WAITING FOR AN BIG MOVE TILL 85-100 RANGE)
MCX GOLD TRADING STRATERGY;-If it opens below 15065 and rises above 15065 then buy with low below 15065 as the stop loss.
Corrective dip to 14886 can be used for buying with a stop loss of 14865.
Intra-day traders in order to minimize risk can wait for a fall below 14886 and when it moves above 14886 then buy with low below 14886 as the stop loss.
MCX SILVER TRADING STRATERGY:-
Resistance will be at 23159-23251. If it opens below 23251 and rises above 23251 then buy with low below 23251 as the stop loss.
Corrective dip to 23101 or below can be used for buying with a stop loss of 22675.
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