MCX & COMEX EXPECTATIONS FOR 17TH MAY 2010

MCX  &  COMEX  EXPECTATIONS  FOR  17TH  MAY  2010 ::

MCX Gold June: Supports at 17975/17931. As long as 17931 holds the downside we can expect price to consolidate and move higher towards 18417 or even 18505 level Fall below 17931 to lead to greater corrective decline.
S1 18095 S2 18015 R1 18235 R2 18315

 

MCX Silver July: Important supports at 29270 / 29180 levels. Dips to these levels could find support for a move higher again towards 30740 levels.Failure to hold support could take it lower to 28575 / 28420.
S1 29490 S2 29310 R1 29830 R2 30010

 

MCX Copper June: Any rallies to 312 followed by 316 could find resistance for a move lower to 305 followed by 300 levels now.Only a rise above 317 would negate this view.
S1 309 S2 305 R1 316 R2 320

 

MCX Crude Oil May: Important support at 3148 / 3112 could hold the downside for a corrective rally toward 3289 / 3334 levels where prices could find resistance for a move lower again. A break below 3107 could open the downside for 3017 levels now.
S1 3230 S2 3190 R1 3300 R2 3340

 

MCX Zinc May: Any rallies to 93.00 could find resistance for move lower toward 90.00 or even 88.70 levels now. Break above 94 would cause doubt about this view.
 S1 90 S2 89 R1 92 R2 93

 

MCX Lead May: Any rallies to 89.50/90.50 could find resistance for a move lower towards 84 levels now. Break above 91.50 would cause doubts about this view.
S1 85.45 S2 84.45 R1 87.25 R2 88.25

 

MCX Nickel May:  Rallies to 998 followed by 1012 to find resistance for a move lower towards 940 or even 920 levels now.Direct rise above 1024 to cause doubts about this view.
S1 963 S2 951 R1 983 R2:995

 

MCX Natural Gas May: Supports in the 193-190 zone to offer good support for a rally towards 203-205 levels now.
S1 194 S2 190 R1 200 R2 204

 

MCX GOLD TRADING STARTERGY ::

Hold long positions with a stop loss of 17897.   

RSI has started showing negative divergence as it is lower than the peak and price made a new high of the rise. Therefore, at higher range profit booking pressure can be witnessed.  

The historical peak was at 18415 and very near to it with recent high of 18339.

Overall use rise to 18342-18690 to book profits.

If the close is above 18415 with positive candle then rally can extend even against the negative divergence but sustainability is a question mark

 

MCX SILVER TRADING STARTERGY ::

Exit long positions on rise to 29787-30073-30898 as the opportunity arises.

Re-enter long only if the close is above 30125 with positive candle.

Support will be at 29248-29300.

A fall and close below 29300 will begin a correction.

A likely formation of double top could be in place if the correction begins.

The historical peak is at 30001 for the contract and the same has been tested.

On continuous Silver chart, the historical peak of 29580 has been crossed and the close also has been above it on the weekly chart. On the continuous chart, the weekly close was 29658

    

 USD/INR SPOT ::

With prices keeping afloat above 45.39 bullish bias remains strong. Look for a close above 45.6 for signals of continuation of uptrend which should now target 45.89 or even 46.9 

 

SPOT SILVER ::

Exit long positions and take profit on rise to 19.49$-19.65-20.38$ as the opportunity arises.

Re-enter long if the close is above 19.80$ with a positive white candle.

Traders still long can keep the stop loss at 18.94$.

 

SPOT  GOLD ::

Traders can exit long positions and book profits on rise to 1242-1248$-1277$.

Fresh trading long positions can be undertaken only on breakout and close above 1250$ supported by a positive candle.

Traders still long can keep the stop loss at 1219$.