MCX & COMEX EXPECTATIONS FOR 04TH JUNE 2010

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SPOT SILVER:-

 

Sell on rise to 18.06$-18.31$ with a stop loss of 18.45$.

Expect lower range of 17.68$-17.05$ to be tested.

 

SPOT GOLD:- 

 

Hold short if any with a stop loss of 1231$.

Expect lower range of 1197$-1173$ to be tested.

Exit long and sell on rise to 1210-1221$ with a stop loss of 1231$.

 

LEAD LME:-

 

Lead showing sustained weakness in short term.

Lead is approaching the 61.8% retracement of the rise from 850 to 2685$. The 61.8% retracement is placed at 1541$. The low registered this week is 1625$.

Expect some support or momentary halt to the fall around 1541$.

In case of further sustained fall and close below 1541$, the slide can move down to test the 78.6% retracement which is at 1249$.

Traders short can hold the same with a stop loss of 1870$ and look to cover the same on dip to 1541$ and 1249$ as the opportunity arises in time to come.

 

TIN LME:-

 

Support is at 16900$ and 16650$.

Expect support to be tested. If violated on sustained basis then downside momentum can be seen.

Resistance is at 18425$.

Not much activity in TIN is  seen. Negative divergence on RSI was in existence but the effect of the same not yet witnessed is yet to be seen. RSI is moving down without any price action

 

MCX GOLD TRADING STRATERGY ::

A negative divergence on MACD is being witnessed and a trend line breakdown as well.

 Exit long and sell on rise to 18487-18585 as the opportunity arises.  Expect lower range of 18354-18123 can be tested.

Only a breakout and close above 18900 can show an extension of the rally otherwise we can see a near term correction or sideways movement

 

MCX SILVER TRADING STRATERGY :: 

Sell on rise to 28881-29153 with a  stop loss of 29300.

Expect lower range of 28489-27825 to be tested.

A trend line breakdown has been witnessed. Therefore, lower channel line can be tested.

MCX  EXPECTATIONS :: 

 

MCX Gold Aug: Any moves to 18525-18555 levels will be met with strong resistance.Ideally, prices could ease lower towards 18220-18250 levels while resistance caps.
S1 18380 S2 18300 R1 18520 R2 18600

 

MCX Silver July: Resistances at 29005 followed by 29195 now. Resistance to cap for a decline to 28475-28445 levels.
S1 28560 S2 28380 R1 28900 R2 29080

 

MCX Copper June: Resistance at 305-308 to cap for 293 or lower. Only rise above 311 to hint at bullish strength again.
S1 302.50 S2 298.50 R1 309.50 R2 313.50

 

MCX CrudeOil June: Support at 3390 followed by 3340. Ideally, price could find support in this range for move toward 3555 level.
S1 3410 S2 3370 R1 3480 R2 3520

 

MCX Zinc June: While 80 holds expect pull back to 83.50-85 levels.
S1 80.10 S2 79.10 R1 82.65 R2 83.65

 

MCX Lead June: While 78-79 caps look for a fall towards 74 levels from where a good correction could begin.
S1 76 S2 75 R1 78 R2 79

 

MCX Nickel June: Resistance at 905-910 to cap for decline toward 860 or even lower. Only daily close above 910 to hint at corrective pullback
S1 868 S2 856 R1 888 R2 900

 

MCX Natural Gas June:Rise above 209 was a decisive one opening the way for 225-30 levels now. Dips to 212 to to hold dips now.
S1 216 S2 212 R1 222 R2 226

 

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