MCX & COMEX EXPECTATIONS FOR 21ST MAY 2010

MCX  &  COMEX  EXPECTATIONS  FOR  21ST  MAY  2010 ::

MCX Gold June: Resistances will be at 18173-18189 levels now. The picture looks quite weak now and is vulnerable to a fall towards 17728 levels while resistances cap.
S1 18090 S2 18010 R1 18230 R2 18310

 

MCX Silver July: Support at 28279 held well being trend line support. While 28231 hold, can see pullback to 29040 level for today.
S1 28370 S2 28190 R1 28710 R2 28890

 

MCX Copper June: Range trade between 307.50-308.50 and 320-321 to continue. A break above 322 to hint  bullish strength.
S1 306.65 S2 302.65 R1 313.65 R2 317.65

 

MCX Crude Oil June: Extremely oversold conditions warn of a pullback to 3400 levels while 3246 hold.
S1 3275 S2 3235 R1 3345 R2 3385

 

MCX Zinc May: Consolidation in 85-88 zone look likely. Unless range are broken either way. It is unllikely to determine clear direction.
S1 85.80 S2 85 R1 88.10 R2 91.10

 

MCX Lead May:Range trade between 79-84 look likely before clear move either way here too. However, we favor break down here as charts do not favor major upside
S1 80.30 S2 79.30 R1 82 R2 83

 

MCX Nickel May: Again a messy consolidation presently. While 973-975 hold we expect rally towards 1025 level on upside.Price could extend to 1045 too on upside on break above 1025.
S1 983.50 S2 971.50 R1 1003.50 R2:1015.50

 

MCX Natural Gas May: Support at 184-186 now. Failure to hold support to drag prices lower toward 181-183 levels.
S1 190.60 S2 186.60 R1 196.60 R2 200.60

 

 

MCX GOLD TRADING STRATERGY ::

 

Hold short positions with overall stop loss placed at 18424.

Cover short positions at 18003-17916 as the opportunity arises.

Sell on fall below 17900 with high of the day stop loss.

MACD is converging towards it triggered line. MACD sell in next couple of day can confirm a sell and sell on rise market for Gold

SILVER MCX TRADING STRATERGY ::

 

Traders holding short positions can keep a stop loss of 28935 to hold short.

Sell on fall below 28250 with high of the day stop loss or 28935 whichever is higher.

SPOT GOLD :: 

Hold short with a stop loss of 1250$ overall for medium term.

Trading stop loss can be very tight usually inviting stop loss violation of few occasion.  Traders short can keep a stop loss of 1200$ as we can see the support being taken for the day at the blue color trend line on the latest part of the chart.

A flat pattern coming into existence of the 1250$ is not crossed in the medium term from here on which means price projection down to the 1.618 time price relation of Wave A. Wave B ended at the peak of 1250$. The projection is at 1069$-954$.

Sell on fall below 1174$ with high of the day stop loss or 1200$ whichever is higher

SPOT SILVER ::

Hold short with a stop loss of 18.30$.

Expect lower range of 17.29-16.49 can be tested and can be used to cover short positions

USD/INR SPOT ::

USD/INR is set to post its biggest weekly gain of the year. Early
trades have taken prices above the 47 mark and is fiddling with a
major resistance region although not unsurmountable. Further up,
another major resistance is seen at 47.75, which if conquered with a
few days close would give a major signal towards continuation of
the uptrend towards 51 levels. 1Prices have moved up over 7.25%
since hit an yearly low of 44.0500

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