VIEWS FOR 2ND FEB. 2010 - MCX & COMEX

MCX SILVER TRADING STRATERGY:-Cover short positions at current price and on dip to 25858-25600 and buy with a stop loss of 25290.

After buying  use rise to 26327-26585 to exit long.

A pullback could be witnessed.

A rise toward the earlier bottom which was violated can be tested which is at 26602.

 

MCX GOLD TRADING STRATERGY:-The 14 day RSI has exited the oversold zone with a strong positive candle.

Corrective dip to 16524-16387 can be used for buying with a stop loss of 16290.

Sell further only on fall and close below 16200.

Expect higher range of 16757-16894 to be tested.

 

 

 MCX Gold April: Dips to 16515 / 16470 likely to find support for pullbacks  towards 16800 / 16846 levels Fall below 16260 to negate this bullish view. S1: 16540 S2: 16460 R1: 16700 R2: 16780.

 

 MCX Silver March: Pullback towards 26491 or even higher towards 26773 looks likely now as long as prices are above 25380.S1: 25940 S2: 25810 R1: 26200 R2: 26330

 

MCX Copper Feb: Dips to 313.20 / 312.10 favored to find support for a move higher  towards 321.75 /324.80 levels. Fall below 308.40 to raise doubts now.  S1: 312 S2: 308 R1: 320 R2: 324

 

MCX Crude Oil Feb: Dips to 3443 levels likely to find support for a move higher towards 3538 / 3566 levels. Fall below 3360 to negate this view.  S1: 3395 S2: 3355 R1: 3470 R2: 3510.

 

MCX Zinc Feb: While above 96.20, expect rallies to 103.2 levels. Supports are  at 98.50 levels. S1: 98.70 S2: 97.70 R1: 100.6 R2: 101.70.

 

MCX Lead Feb:  Ideally A pullback towards 98 looks likely while above 91.  S1: 94.4 S2: 93.2 R1: 96.70 R2: 97.7.

 

MCX Nickel Feb: While above 820, expect pullbacks towards 850 levels.     S1: 825 S2: 815 R1: 840 R2: 855

 

MCX Natural Gas Feb: Dips to 249 /247 to find support for a move higher  towards 255, which are strong resistance levels and prices,could retrace  from these levels. S1: 247 S2: 244 R1: 253 R2: 256

SPOT GOLD:-

Expect a near term rise towards 1116$-1127$.
Corrective dip to 1096-1084$ can be used for buying with a stop loss of 1074$ to exit at 1116$-1127$.selling can only be seen below 1074

SPOT SILVER: 

Support is at 16.3$-15.7$.
Expect a pullback towards 16.87$-17.10$.
Traders short can cover the same at current price or below