VIEWS FOR 20TH JANUARY 2010

SPOT GOLD:-The trend is sideways.

Key support is at $1126.

A triangular formation is being witnessed.

Buy on breakout above $ 1141 with stop loss of $1125.

Expect a rise to $1148 - $1161.

 

SPOT SILVER:-Trend is up.

Buy at market price and on dips to $18.67 - $18.48 with stop loss of $18.34.

Expect a rise to $18.90 – 19.08.

 

MCX GOLD TRADING STRATERGY:-The trend has turned up.

Buy at market price and on dips to Rs. 16906 – Rs. 16868 with stop loss of Rs. 16818.

Expect a rise to Rs. 16971 – Rs. 17010.

On breakout and close above Rs. 17110, gold can rise to Rs. 17175 – Rs. 17217 levels.

As the trend is up, intra-day traders can wait for a fall below Rs. 16868 and when it rises above Rs. 16868 then buy with whatever low registered below Rs. 16868 as a stop loss. Subsequently, book profits at higher levels to Rs. 16906 – Rs. 16971 or above

 

MCX SILVER TRADING STRATERGY:-The trend is up.

Buy at market price and on dips to Rs. 28566 – Rs. 28452 with stop loss of Rs. 28350.

Expect a rise to Rs. 28780 – Rs. 28890.

As the trend is up, intra-day traders can wait for a fall below Rs. 28450 and when it rises above Rs. 28450 then buy with whatever low registered below Rs. 28450 as a stop loss. Subsequently, book profits at higher levels to Rs. 28566 – Rs. 28779 or above

 

 

NYMEX CRUDE:-A correction of the last corresponding rise from 68.59$ to 83.95$ is being witnessed.

The RSI exiting overbought a few days back and moving down along with the price.

The 50 % retracement level has been tested which was at 76.60$.

If this low did not get broken then expect a pullback rise to 80 – 82$ in coming sessions.

However on sustain fall and close below $76 could open the downside for $73 – 69.

 

NYMEX NATURAL GAS:-Earlier resistance of 5.38$ offered support as the low registered in last few days was 5.35$ and moved to 5.69$.

Resistance continues to remain at higher range of 5.92$-6.11$.

A breakout and close above 6.12$ can bring about a rally in Gas.

Support of 5.34$ is violated then  the retracement level of 5.25$ and 5$ to be tested.

 

 

 

MCX Gold Feb: Supports are at 16800 followed by 16696 to hold for a test of 17156/17230 levels.
This is our favored view. However,a decline below 16695 could take prices lower towards 16562/16591 area,
which is critical support.  S1: 16853   S2: 16673   R1: 17013 R2: 17093.

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MCX Silver March: Supports are at 28269 followed by 28040 now.Decline below 28040 to dent
our bullish expectation of a rise towards 29336 or even higher. S1: 28535 S2: 28405 R1: 28795 R2: 28925.

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MCX Copper Feb: Break above 349 is a bullish sign and could take prices all the way to 353/354 levels now.
Supports are at 344/345 now. S1: 343.75 S2: 339.75 R1: 351.75 R2: 355.75.

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MCX Crude Oil Feb: Supports are at 3587 followed by 3568 to hold for a pullback towards 3670/3672.
This is our favored view. S1: 3570 S2: 3530 R1: 3650 R2: 3690.

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MCX Zinc Jan: Initial resistance is at 115.60 followed by 116.20. Rise past 116.50 to increase bullishness

ahead towards 118.80 or even higher towards 120.40.Fall below 113.40 could cause doubts on this view.

S1: 112.90 S2: 110.80 R1: 116.80 R2: 118.80.

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MCX Lead Jan: Crucial resistance at 113.60 followed by 114.40. Break above 114.40 could take
prices higher towards 116 oreven higher towards 118. Fall below 110.40 could dampen our bullish
expectations. S1: 110.30 S2: 108.30 R1: 114.30 R2: 116.30.

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MCX Nickel Jan: Dips to 850 or even lower towards 845 to provide support for a break above
crucial resistance is at 876.Fall below 840 could dampen the bullish sentiment.
S1: 874 S2: 862 R1: 896 R2: 904.

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MCX Natural Gas Jan: Chart looks bearish for a fall towards 251/244. Resistances are at 264/268 now.
S1: 254 S2: 251 R1: 264 R2: 268.00.