VIEWS FOR 5TH FEBRUARY 2010 - MCX & COMEX

MCX Gold April: Resistance at 16312/16358 to cap any rallies for a test of 15860/16060 now. S1: 16050 S2: 15780 R1: 16320 R2: 16430. MCX Silver March: Resistances at 24600 followed by 24850 now should cap for further decline towards 23700. S1: 24050 S2: 23670 R1: 24600 R2: 24960 MCX Copper Feb: While below 298 it is expected to decline edge lower towards 289/280 levels now. Unexpected rise above 300 to begin a corrective up move towards 306 levels. S1: 287 S2: 278 R1: 298.70 R2: 306. MCX CrudeOilFeb:Resistance at 3446 followed by 3495 could cap for test of important support and break below 3378 targeting 3306. S1:3360 S2:3300 R1:3470 R2:3520 MCX Zinc Feb: Resistance at 95.10 followed by 95.85 to cap for a further decline towards 92.50. From there a strong recovery is expected. S1: 93.20 S2: 92.50 R1: 95.1 R2: 95.85 MCX Lead Feb:  Resistance at 92.30 followed by 93.05 to cap for fall towards 89.75. Again a very strong recovery is expected from there. S1: 91.0 S2: 89.8 R1: 93.5 R2: 94.5. MCX Nickel Feb: Next support is at 818/20 now. We still hope this support could hold fror a break above 875. Unexpected break of 816 could drag prices towards 780 levels. S1: 817 S2: 801 R1: 838 R2: 845. MCX Natural Gas Feb: Resistance at 257 followed by 262 to cap for fall towards 236. Break below 236 will be very bearish.S1: 242 S2: 236 R1: 259 R2: 265   INTERNATIONAL  SPOT  GOLD  ::     The support of 1074$ was violated yesterday. Expect Gold now to slide towards 1014$-953$-888$. Gold slid to 1015$ is likely and will move below the 1000$ mark in time to come. Only a breakout and close above 1125$ can negative the possibility of Gold moving down to test each of the level 1014$-953$-888$ gradually.   INTERNATIONAL  SPOT  SILVER  ::   Hold short positions with a stop loss of 16.4$. The 38.2% retracement of the entire rise from 8.63$ to 19.41$ which was at 15.03$was tested. The long term trend line shown has also got violated. Silver is likely to move down all the way to test the bottom in weeks and months to come with volatility of lower top and lower bottom formation. A bounce from either of the retracement level of 15$-13.9$-12.7$ could be witnessed for a pullback rally to make lower top.   NYMEX  LIGHT  CRUDE  OIL  ::   Exit long and sell on rise to 74.4$-76.5$ as the opportunity arises. Expect the lower range of 71$-68$ to be tested. Only a breakout and close above 78.10$ can prevent it from a slide towards 71$-68$   TRADING  STRATEGY  ::   GOLD  MCX  APRIL  ::    Sell on rise to 16238-16430 and exit long with a stop loss of 16581. Expect lower range of 15896-15703 to be tested.   SILVER  MCX  MARCH  ::    Sell on rise to 24827-25279 with a stop loss of 25608. Expect lower range of 24046-23594 ADX is moving up with the fall with indicates downside momentum. Important support of 25935 has been violated therefore major medium to long term reversal has been confirmed. Even if the rally come in near term the rise can make a potential lower top only