VIEWS FOR 9TH FEBRUARY 2010 - MCX & COMEX COMMODITIES

MCX Gold April: Supports are at 16160/16206 to hold for rise towards 16573/16603 levels now. Fall below 16069 to dent our bullish expectations. S1: 16196 S2: 16116 R1: 16356 R2: 16436.   MCX Silver March: Crucial support is at 23990 and while above here we can expect a pullback towards 25547 levels. However, break below 23943 to drag prices lower towards 22626 ideally. S1: 24101 S2: 23971 R1: 24361 R2: 24492.   MCX Copper Feb: Supports at 295.30/296.30 to hold for a pullback towards 312/314 levels now. Fall below 292.20 could dent our bullish expectations. S1: 297 S2: 293 R1: 305 R2: 309.   MCX Crude Oil Feb: Prices show several bearish indications favoring a decline towards 3175 or even 3105. Resistance levels are spread between 3406 / 3448.It has to rise past 3505 to get out of this bearish situation. S1: 3324 S2: 3284 R1: 3404 R2: 3444.   MCX Zinc Feb: Supports at 93.75 followed by 93.10 to hold for 96.25 or 97.80. Fall below 92.30 will force us to abandon our bullish expectations. S1: 92.40 S2: 90.40 R1: 96.40 R2: 98.40   MCX Lead Feb:  Rise above 93.75 / 93.85 will reinforce bullish expectations for 97.45 / 97.50.    S1: 90.20 S2: 88.20 R1: 94.20 R2: 96.20.   MCX Nickel Feb: Supports at 795 / 800 to hold well for a test of 825 levels. Fall below 795 could hint at a weakness. S1: 801 S2: 792 R1: 818 R2: 826.   MCX Natural Gas Feb: Fall below 250 to confirm further weakness towards 235 levels or even lower. S1: 248 S2: 242 R1: 264 R2: 272     INTERNATIONAL  SPOT  GOLD ::   Resistance will be at 1074$-1078$. Sell on rise to 1066-1070$ with a stop loss of 1078$. Sell on fall below 1060$ with high of the day stop loss.     INTERNATIONAL  SPOT  SILVER  ::     Keep a stop loss of 15.4$ to hold short. Cover short positions on dip from current price to 14.6$. A rise and close above 15.4$ can bring about a near term pullback.     NYMEX  NATURAL  GAS  ::    Sell on rise to 5.51$ or above with a stop loss of 5.7$. Buy on rise above 5.7$ with low of the day stop loss.     NYMEX  LIGHT  CRUDE  OIL  ::    Hold short positions with a stop loss of 74$. Cover the same on dip from current price to 68.5$ as the opportunity rises. Expect volatility in the range of 78.1$-68$.     TRADING  STRATEGY  ::   GOLD  MCX  APRIL  ::    Expect higher range of 16370-16421 to be tested. Intra-day traders can wait for a rise above 16370 and when it falls below 16370 then sell with high above 16370 as the stop loss. Sell on fall below 16220 with high of the day stop loss.   SILVER  MCX  MARCH  ::    Hold short positions with a stop loss of 25000. Look for dip to 24221 or below to cover short position. Sell on fall and close below 23610 with high of the day stop loss. If the stop loss and resistance of 25000 is crossed on closing basis then we could find a pullback rise towards 26000.