MCX & COMEX EXPECTATIONS FOR 26TH MAY 2010 ::
MCX Gold June: Support at 18445 should ideally hold for further gains towards important resistance at 18675 to suggest that it could attract more buying.
S1 18440 S2 18360 R1 18580 R2 18660
MCX Silver July: While 28735 holds, we expect a rise towards 29700-29780 levels. Stronger support is at 28575.
S1 28740 S2 28560 R1 29080 R2 29260
S1 28740 S2 28560 R1 29080 R2 29260
MCX Copper June: Expect some consolidation between 322 and 317 level before break either ways. No clear trend presently.
S1 317.45 S2 313.45 R1 324.45 R2 328.45
MCX Crude Oil June: Could bounce sharply towards 3400-3446 levels now. Dips to 3246 to hold for a move towards 3400-3446.
S1 3225 S2 3185 R1 3295 R2 3335
MCX Zinc May: Again a range trade expected here with 86-91 being a broad trading range.
S1 87 S2 86 R1 89 R2 90
MCX Lead May:While 83-84 cap, expect decline to 80.25 or lower. Unexpected rise above 85 to hint short term bullish strength.
S1 81.5 S2 80.50 R1 83.30 R2 84.30
MCX Nickel May: While 1025-1035 caps we expect one more decline towards 975 levels now.
S1 1000 S2 988 R1 1020 R2:1032
S1 193.40 S2 189.40 R1 199.40 R2 203.40
INTERNATIONAL SPOT GOLD ::
Expect higher range of 1207-1226$ to be tested.
Traders got into long positions yesterday as mentioned can keep a stop loss of 1184$.
INTERNATIONAL SPOT SILVER ::
Cover short positions on dip to 17.77$ or below as the opportunity arises or hold short with a stop loss of 18.06$.
Overall support at lower level of 17.45$-17 could be witnessed. Immediate trading support is at 17.5$. Sell on fall below 17.5$ with high of the day stop loss.
Buy on rise above 18.10$ with low of the day stop loss.
Overall support at lower level of 17.45$-17 could be witnessed. Immediate trading support is at 17.5$. Sell on fall below 17.5$ with high of the day stop loss.
Buy on rise above 18.10$ with low of the day stop loss.
NYMEX LIGHT CRUDE OIL ::
Hold short if any with a stop loss of 71.5$
Cover short positions at 68.65-67.25$ as the opportunity arises.
In case of rise and close above 71.5$ a pullback could resume. Buy above 71.5$ with low of the day stop loss.
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.
Cover short positions at 68.65-67.25$ as the opportunity arises.
In case of rise and close above 71.5$ a pullback could resume. Buy above 71.5$ with low of the day stop loss.
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.
NYMEX NATURAL GAS ::
Broadly, the support of 3.80$ is important. A fall and close below the same can bring about a further sustained fall once again.
Gas has the habit of sustaining showing sustained fall. Sideways and spike have been witnessed but rising momentum sustainability has always been a question.
Expect volatility in the range of 3.80$-4.50$.
Gas has the habit of sustaining showing sustained fall. Sideways and spike have been witnessed but rising momentum sustainability has always been a question.
Expect volatility in the range of 3.80$-4.50$.
GOLD SPOT :: Technical Bias : Targets 1227 ::
Even though prices are seen sustaining above 1202 in early trades today, the break above 1197 has not been
convincing to warrant sharp rallies as we had anticipated yesterday. Favoured view expects dips
initially which are likely to take support near 1197 for a rise towards 1220-27.
Long liquidation pressures would re emerge once below 1197, but such moves are unlikely to gain
momentum unless convincingly below 1185.
Even though prices are seen sustaining above 1202 in early trades today, the break above 1197 has not been
convincing to warrant sharp rallies as we had anticipated yesterday. Favoured view expects dips
initially which are likely to take support near 1197 for a rise towards 1220-27.
Long liquidation pressures would re emerge once below 1197, but such moves are unlikely to gain
momentum unless convincingly below 1185.
Trading Strategies:
Buy at 1197/1185
Buy above 1205 > TGT 1220/27
Sell below: 1197
Sell at 1220/27
NEWS U CAN USE ::
• North Korea threatens to close the last raod link across its border with South Korea if it goes ahead with Pyongyang propaganda. Tension rises in the
peninsuala.
• US-China talks progresses. Yesterday’s focus was on cooperation on energy data
• SPDR Gold Trust’s ETF holdings rises to yet another life time peak of 1267.322 as of May 25.
• Nymex Oil snaps back firmly. Fiddles with $70
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