EXPECTATIONS FOR 13TH MAY 2010

MCX Gold June: Rally to 18300- 18330 to cap for decline to 18035 or lower. While 18390 cap, we can expect fall to 17890 level. S1: 18160 S2: 18080 R1: 18300 R2: 18380  

MCX Silver July: Supports are at 29730 followed by 29500. Ideally, supports to hold for 30325 or even higher to 30785. S1: 29770 S2: 29590 R1: 30110 R2: 30290

MCX Copper June: As mentioned yesterday, a consolidation is in place. Supports are at 310 - 311 levels now, only a break above 322/323 levels to hint bullish strength for 328 - 330 levels now. S1: 313.85 S2: 309.85 R1: 320.85 R2: 324.85

MCX CrudeOil May: While prices stay below 3539 levels look for a dip towards 3381 or even lower. Only a direct rise a 3539 to hint at bullish strength again. S1: 3355 S2: 3315 R1: 3425 R2: 3465 

MCX Zinc May: Minor bullish tendancies seen. Initial resistance is at 94.50 - 95.00 levels. Ideally prices should get capped here. Supports are at 92.50 followed by 91. S1: 92.70 S2: 91.70 R1: 94.50 R2: 95.50

MCX Lead May: Resistance at 93 - 93.50 to cap upside attempts for a fall back towards 88 levels. Unexpected rise past 95.25 to cause doubts on our bearish view. S1: 90.25 S2: 89.25 R1: 92 R2: 93 

MCX Nickel May: Is in a consolidation mode now. Dips to 1009 followed by 995 to hold for a test for 1045/1050 or even higher. Only a direct fall below 965 to dent our bullish view. S1: 1007.50 S2: 995.50 R1: 1027.50 R2: 1039.50 

MCX Nickel May: Is in a consolidation mode now. Dips to 1009 followed by 995 to hold for a test for 1045/1050 or even higher. Only a direct fall below 965 to dent our bullish view. S1: 1007.50 S2: 995.50 R1: 1027.50 R2: 1039.50

 

MCX SILVER TRADING STRATERGY ::

 

Hold long position with a stop loss of 29365

Expect higher range of 30210-30895 to be tested.

 

SPOT GOLD ::

Hold long positions with a  stop loss of 1226.

Expect higher range of 1247-1269 to be tested.

The trend line shown in red color is being tested and crossed once now on closing. Needs to be seen if  price sustains above the trend line. Violation of the low of 1226$ will mean violation of the trend line also.

Traders can buy above 1249 with low of the day stop loss or 1226$ whichever is lower.

 

TECHNICAL BIAS ON GOLD ::

 

The trend looks to be seeking a consolidation mode after having drifter lower from 1248 region that was on discussion yesterday. Favoured view expects intial attempts to edge up possibly towards 1241, but less likely above 1248 during the day. A fall below 1232 should add more reason to the bearish suspicions, in which case 1223/16 should be called for. However, even as we ponder on bearish signals, uptrend remains intact with successive close above the record peak of 1227. The year end projected view of 1330 looks even nearer now. Unless prices close below 1208/1202 region for a day or two, the technical structure favours even more violent upsides, when compared to the short spurts witnessed in the last fortnight.

 

SPOT SILVER ::

Traders can Hold long positions with a stop loss of 19$.

Corrective dip to 19.41$-19.13$ can be used for buying with a stop loss of 19$.

Expect higher range of 19.75$-20.3$ to be tested.

USD/INR spot ::

Yesterday’s drift lower has again
taken us to the lower extremeity of the present range, which has set
up conditions for a swing higher as long as 45.75/60 holds. However
it would require a close above 45.39 to trigger fresh buying interest
targeting 45.89 and thereafter 46.9

NYMEX CRUDE :: 

Hold short if any with a stop loss of 78.52$.

Cover short positions at 74.6-72.35$ as the opportunity arises.

NYMEX GAS ::

Resistance will be at 4.39$.

Support will be at 4.10$.

Corrective dip to 4.24$-4.18$ can be used for buying with a stop loss of 4.10$.

Sell on fall below 4$ with high of the day stop loss