VIEWS FOR 21ST JANUARY 2010

MCX Gold Feb:  Pullback to 16749/16764 looks likely while below 16560.
Big picture looks quite weak now for a fall towards 16120/16270 while rallies to
17020/17169 caps. S1: 16600   S2: 16520   R1: 16760 R2: 16840.

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MCX Silver March: Resistances are at 28136/28182 followed by 28414/28492 now.
 Ideally resistance to cap for decline towards 27144/27175 levels now.
 S1: 27680 S2: 27550 R1: 27940 R2: 28070.

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MCX Copper Feb: Rallies to 347.60/348.60 to cap for a decline towards 334.35/326.20.
 This is our favored view. Unexpected rise above 349.65 can change the momentum.
S1: 340 S2: 338.50 R1: 346.50 R2: 349.50

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MCX Crudeoil Feb: Ideally 3630/3660 resistance to cap for a decline towards 3560 followed by 3460 now.
Break of 3652 can negate this bearish momentum.
S1: 3570 S2: 3500 R1: 3645 R2: 3668

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MCX Nickel Jan: Prices to trade between 860 - 880 now. Break of either levels can decide the momentum.
S1: 860 S2: 845 R1: 879 R2: 887

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MCX Lead Jan: Holds crucial support at 103.20, if 103 holds expect the prices to recover towards 107/109.
Momentum bearish.S1: 105 S2: 103.50 R1: 107 R2:109.80

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MCX Zinc Jan: If holds below 114, prices to target 109. Unexpected break of 114.50 can negate this bearish view.
S1: 110.50 S2: 109 R1: 113.80 R2: 114.60

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MCX Naturalgas Jan: Pullbacks to 247 to hold for a rise towards 260/275 now. Break of 240 can change this bullish momentum.
S1: 250.50 S2: 245 R1: 262 R2: 267

 

MCX SILVER TRADING STARATERGY:-

The trend has turned down.

Cover all long positions at market price or rise to Rs. 28029-28375-28982 as opportunity arises.

Sell at market price with stop loss at Rs. 28030.

Expect prices to test lower range of Rs. 27422-27076

 

MCX GOLD TRADING STRATERGY:-

The trend has turned down.

Cover all long positions at market price or rise to Rs. 16759-16856-17032 as opportunity arises.

Sell at market price with stop loss at Rs. 16789.

Expect prices to test lower range of Rs. 16573-16466