MCX & COMEX EXPECTATIONS FOR 24TH MAY 2010 ::
MCX Gold June: A push above 18170 could increase the chances for further gains towards 18231/18277. Supports are at 18017/17987. Fall below 17895 could hint at for this rise. This rally could stay near 18323. Rise past 18369 would be a bullish sign, lessening the scope for a decline.
S1 17930 S2 17850 R1 18070 R2 18150
MCX Silver July: Upside move towards 28948/29093 are possible. Weekly chart favors further decline to levels like 26916 or 26755. If price rise unexpectedly rise above 29625 this bearish view might have to be changed.
S1 28260 S2 28080 R1 28600 R2 28780
MCX Copper June: Dip to 317 level to hold support for test of 325-328 levels. Fall below 315 to dent our bullish view.
S1 318.65 S2 314.65 R1 325.65 R2 329.65
MCX Crude Oil June: The big picture has turned bearish for a fall to 3082 or lower.There could be upside to 3364/3388 or even 3449. Selling might emerge when prices rise. Rise above 3472 would cause doubts about maintaining this bearish view.
S1 3290 S2 3250 R1 3360 R2 3400
MCX Zinc May: Dips to 87 to find support for a test of 89-90 levels now. Further extension to even 93 cannot be ruled out.
S1 88 S2 87 R1 90 R2 91
MCX Lead May: Resistance at 86 followed by 89-89.50 level. Favored view expects resistances to be tested while prices stay above 82.00.
S1 83 S2 82 R1 85 R2 86
MCX Nickel May: While 975-980 holds downside attempts, we expect resistances at 1045 or even higher to 1062 to be tested in the coming sessions.
S1 1001 S2 989 R1 1021 R2:1033
MCX Natural Gas May: Resistances in the 193-95 zone to cap for 183.
S1 187 S2 183 R1 193 R2 197
S1 17930 S2 17850 R1 18070 R2 18150
MCX Silver July: Upside move towards 28948/29093 are possible. Weekly chart favors further decline to levels like 26916 or 26755. If price rise unexpectedly rise above 29625 this bearish view might have to be changed.
S1 28260 S2 28080 R1 28600 R2 28780
MCX Copper June: Dip to 317 level to hold support for test of 325-328 levels. Fall below 315 to dent our bullish view.
S1 318.65 S2 314.65 R1 325.65 R2 329.65
MCX Crude Oil June: The big picture has turned bearish for a fall to 3082 or lower.There could be upside to 3364/3388 or even 3449. Selling might emerge when prices rise. Rise above 3472 would cause doubts about maintaining this bearish view.
S1 3290 S2 3250 R1 3360 R2 3400
MCX Zinc May: Dips to 87 to find support for a test of 89-90 levels now. Further extension to even 93 cannot be ruled out.
S1 88 S2 87 R1 90 R2 91
MCX Lead May: Resistance at 86 followed by 89-89.50 level. Favored view expects resistances to be tested while prices stay above 82.00.
S1 83 S2 82 R1 85 R2 86
MCX Nickel May: While 975-980 holds downside attempts, we expect resistances at 1045 or even higher to 1062 to be tested in the coming sessions.
S1 1001 S2 989 R1 1021 R2:1033
MCX Natural Gas May: Resistances in the 193-95 zone to cap for 183.
S1 187 S2 183 R1 193 R2 197
MCX GOLD TRADING STRATEGY ::
Hold short positions with overall stop loss placed at 18424.
MACD has triggered a sell and RSI has exited overbought zone. RSI is moving down now. As per the indicators, we could see a correction or sideways movement in days to come.
Support will be at 17900.
Sell on fall below 17900 with high of the day stop loss or 18424 broadly whichever is higher.
Sell on rise to 18110 and 18318 as the opportunity arises
MCX SILVER TRADING STRATEGY ::
Traders holding short positions can keep a stop loss of 28935 to hold short.
Cover short positions on dip to 28419-28208-27790 range as the opportunity arises.
In case of close below 28000, the slide can get accelerated to test 27000-26740.
A minor rise towards 28626-29044 is possible.
SPOT SILVER ::
Hold short with a stop loss of 18.30$.
Cover short positions at current price and on dip to 17.61 or below.
Lower level support will be at 17$.
In case of fall and close below 17$, the slide can get accelerated.
We could first see a rise towards 17.82$-18.27$.
NEWS ::
• US-China high-level talks today. Economic relationship to be discussed along with North Korea.
• COT report shows that net long non commercial US Gold futures positions fell 1.8% to 231670 contracts in the week ended 18th May.
• SPDR Gold Trust’s ETF holdings remained steady at life time record peak of 1220.152 tonnes hit on 20th of May
• US-China high-level talks today. Economic relationship to be discussed along with North Korea.
• COT report shows that net long non commercial US Gold futures positions fell 1.8% to 231670 contracts in the week ended 18th May.
• SPDR Gold Trust’s ETF holdings remained steady at life time record peak of 1220.152 tonnes hit on 20th of May
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