MCX & COMEX EXPECTATIONS FOR 25TH MAY 2010

MCX  &  COMEX  EXPECTATIONS  FOR  25TH  MAY  2010 ::

MCX Gold June:Support near 18005/18020 to hold for test of 18250/18280 level.However, fall below 18005 to dent bullish view.

S1 18095 S2 18015 R1 18235 R2 18315

MCX Silver July: It is likely that 28645/28725 to cap upside attempts and subsequently fall towards 27845 or even lower.

S1 28550 S2 28370 R1 28890 R2 29070

MCX Copper June: Important support at 316-317 now. Break below here could drag prices towards 313 levels or even lower.Only a direct rise above 327 to add bullish hopes.
S1 320.80 S2 316.80 R1 327.80 R2 331.80

MCX Crude Oil June:  Fall below 3275 opens the downside for 3216 or even lower towards 3110. Only an unexpected rise above 3358 to cause doubts on this bearish view.
S1 3265 S2 3225 R1 3335 R2 3375

MCX Zinc May: As expected we saw a test of 90 levels. Further upside to 91.35 - 93.50 possible while 88.15 holds.

S1 88 S2 87 R1 90 R2 91

MCX Lead May: while 85-86 caps we expect a decline back towards 82.00 levels now.
S1 82 S2 81.50 R1 86 R2 87

MCX Nickel May: Strong resistance will be seen at 1040 -1045 zone. A correction to 1025 or even lower expected. Direct fall below 1001 to take prices strongly lower
again towards 965 levels.

S1 1029 S2 1017 R1 1049 R2:1061

MCX Natural Gas May: A recovery expected towards 193 levels now. Supports are at 185-186 now.

S1 184.40 S2 180.40 R1 190.40 R2 194.40

MCX GOLD TRADING STRATERGY ::

Hold short positions with overall stop loss placed at 18424.

MACD has triggered a selling and is showing downward movement. Prices are attempting to move higher. RSI is below the overbought zone can exhibit a negative divergence in days to come.

Cover short positions on dip to 18112-18040 range as the opportunity arises.

Sell on rise to 18424-18474 with a stop loss of 18500.

 Support is at 18040-17900.

Expect further selling on fall below 17900.

The range is such that it is tempting to buy and other hand feel the situation of getting trapped. Traders willing to take chance can buy on decline to 18112-18040 with a stop loss of 17900 to exit at 18257-18474.

The wider range of movement is 18500-17900 for next few days. A decisive breakout and close above 18500 can extend the rally and a fall below 17900 can terminate a rally.

MCX SILVER TRADING STRATERGY ::

Cover short positions at current price or at 28681 or below as the opportunity arises.

Sell further only on fall below 28200.

Expect higher range of 28840-29084 to be tested.

SPOT GOLD ::

The blue color trend line has held the gold fall for the time being.

Resistance will be at 1200$.

Support will be at 1188$-1175$.

Expect higher range of 1200$-1221$ to be tested.

Traders can take chance to buy on decline to 1188$-1179$ with a stop loss of 1175$ to exit at 1200$-1221$. If   opening is weaker then can enter into long traders at lower range  to exit at higher range. If open is higher and then buy range comes, in that case avoid buying.

Sell on fall below 1175$ with high of the day stop loss

SPOT SILVER ::

Cover short positions on dip to 17.83$-17.61$ or hold short with a stop loss of 18.28$.

A rise towards 18.07$-18.28$ is possible but need to see if it can sustain.

Traders can sell on rise to 18.07$ with a  stop loss of 18.28$. 

Sell further on fall below 17.39$ with high of the day stop loss.

ZINC LME ::

Hold short positions with a stop loss of 2088$.

Sell on fall below 1823$ with high of the day stop loss or 2088$ whichever is higher.       

Support will be at 1715$-1452$.

COPPER LME ::

Support will be at 6414$, 6230$ and 5804$.

Resistance will be at 6986$ and 7204$.

A minor pullback rise towards 7204$ could be witnessed.

Cover short positions for the time being. Sell further on fall below 6515$

CRUDE NYMEX ::

Hold short if any with a stop loss of 71.5$

Cover short positions at 70.25$-69.53$ as the opportunity arises.

In case of rise and close above 71.5$ a pullback could resume.

The 14 day was in oversold zone below 30 and now trying to move above it.

Volatility index is dropping down which shows that downside now can be limited and movement can get narrowed down in days to come, Unless volatility index again rises. It has tested the zero mark

NEWS ::

1. The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust  said its holdings totalled 1,236.889 tonnes as of May 24 versus 1,220.152 tonnes previously

2. World largest Gold ETF's holdings (SPDR Gold Trust) rise to yet another life time peak.

3. Bank of Spain takes over a small lender.Eurozone worries rekindle.Basemetals turn lower. Reports of N. Korea having prepared its military for combat last week turns Asian stocks lower.

4. GOLDmcx opens higher on weak rupee. Spot Gold is positive on Eurozone/NKorea tensions, but needs to break above 1197 for fresh rallies.

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