MCX & COMEX EXPECTATIONS FOR 19TH MAY 2010

MCX  &  COMEX  EXPECTATIONS  FOR  19TH  MAY  2010 ::

MCX Gold June: While below 18127 we could see a drift lower towards 17685 or even 17538. Direct rise above 18127 would negate this view and see next resistance at 18319.
S1 17940 S2 17860 R1 18080 R2 18160

MCX Silver July: A breach of immediate support at 28655 could see a move lower to 28346 levels now. Rallies could find resistance at 29270/29425.Break above 29501 would rekindle some bullish hopes.
S1 29085 S2 28905 R1 29425 R2 29605

MCX Copper June: Rallies could be capped at 308/310 levels for a move lower again. Support is at 297 levels now and a direct fall below the same could see a move towards 291. Rise above 313 would negate this view.
S1 301.70 S2 297.70 R1 308.70 R2 312.70

MCX Crude Oil June: While below resistance at 3413/3446 we could see a drift lower towards 3273 levels now. Break above 3460 would negate this view. S1 3320 S2 3280 R1 3390 R2 3430 MCX Zinc May: Support at 83.50. Breach of it could see move lower toward 80 levels now. Rally could cap at 86.80 level now. S1 85.65 S2 84.65 R1 87.45 R2 88.45 MCX Lead May:Support at 80-79. Break below 79 would see weakness toward 76 level. Rallies could be capped at 83 levels now. S1 81.70 S2 80.70 R1 83.50 R2 84.50 MCX Nickel May: While below 1010-1015 price could drift lower again toward 940 level. Direct rise above 1015 would negate view. S1 986 S2 974 R1 1006 R2:1018 MCX Natural Gas May: Supports at 195-193 level.Break of 193 could drift lower to 187 level. On the other hand rally could cap at 202/203 level. S1 197 S2 193 R1 203 R2 207 MCX GOLD TRADING STARTEGY :: RSI has started showing negative divergence and the effect of the same is being witnessed in the Gold price now.  Exit long positions on rise to 18110-18205-18539. If the close is above 18424 with a positive candle then re-enter long positions. Sell on fall below 17916 with high of the day stop loss. Sell on rise to 18060-18205 with a stop loss of 18424. Expect lower range of 17871-17537 to be tested MCX SILVER TRADING STRATERGY :: Yesterday, we had indicated that contrarian traders can take chances to sell at 29534-29875 with a s top loss of 30163.  The high registered yesterday was 29540 and closed at 29255. Traders who managed to sell had the opportunity to benefit. Traders holding short positions can keep a stop loss of 29540 to hold short. Cover short positions on dip to 29242-28930 as the opportunity arises. Sell on fall below 28930 with high of the day stop loss NYMEX CRUDE :: Hold short if any with a stop loss of 72.5$ Sell on rise to 70.28-71.65$ with a stop loss of 72.5$. Expect lower range of 68.04$-64.43$ to be tested and can be used to cover short positions. NATURAL GAS :: Traders holding long positions can Exit long positions on rise to 4.38$-4.46$-4.66$ as the opportunity arises. Re-enter long if the close is above 4.50$. Expect minor correction to sideways movement. Lower range of 4.26$-4.06$ can be tested. USD/INR SPOT :: Early trades have hit the first bullish target of 45.89, that was on discussion yesterday. With prices keeping afloat above 45.39 for a third day, positive bias is maintained. As long as prices do not fall back below 45.6 a solid move towards 46.9 is in store now SPOT  GOLD :: Gold has reacted down from the red color trend line as shown in the chart. Hold short if any with overall stop loss of 1240 and cover the same on dip to 1206-1200 as the opportunity arises. Sell on fall below 1200 with high of the day stop loss SPOT  SILVER :: Sell on fall below 18.62$ with high of the day stop loss. Traders holding long positions can exit long on rise to 19.13$-19.59 Overall exit long and sell on rise to 19.13$-19.59$ with a stop loss of 19.79$. Major rally can come into existence on rise and close above 19.80$.