MCX & COMEX EXPECTATIONS FOR 11TH JUNE 2010

MCX  &  COMEX  EXPECTATIONS  FOR  11TH  JUNE  2010  ::

MCX Gold Aug: As expected a downward correction materialised. Rallies to 18720-18735 should find strong resistance now
 for a decline towards 18310-18340 levels .Unexpected rise above 18825-18840 to reinforce bullish expectations.
 S1 18530 S2 18450 R1 18670 R2 18750

  

MCX Silver July: As expected dips to 28650-28700 found good support. Any dips to 28805 to find good support for a break
 above 29425 targeting 29805. S1 29030 S2 28850 R1 29370 R2 29550

 

MCX Copper June: Expected support was seen near 291-293 and moved up to 303 level. While 305 caps can expect a decline
 to 294-295 for the day . S1 294 S2 290 R1 301 R2 305

 

MCX CrudeOil June: As expected the break above 3540 took prices higher towards our favored target at 3615. Corrective
dips could be held near 3510-3515 levels for a move towards 3610 or even higher towards 3620.
 S1 3510 S2 3470 R1 3580 R2 3620

 

MCX Zinc June: Supports near 79-80 expected to hold for a move higher towards 84-85 levels now .
S1 79.80 S2 78.80 R1 81.60 R2 82.60

 

MCX Lead June: Any dip to 76-77 expected to find support for move toward 81 followed by 82.50 .
S1 77.35 S2 76.35 R1 79 R2 80

 

MCX Nickel June: Consolidation between 873 and 910 could take place before rise higher toward 948 level .
S1 878 S2 866 R1 898 R2 910

 

MCX NG June: As expected we saw move towards 215. Resistances are at 223 now. Only a rise above 228 could hint
 at bullish strength. S1 215 S2 211 R1 221 R2 225

 

MCX GOLD TRADING STRATEGY ::

 

The negative divergence come into immediate existence as the price movement fails to sustain because MACD was lower than its peak as price made new high. MACD triggered its average for sell again.

We had indicated to sell in the range of 18827-18958. The high registered yesterday was 18844. Traders who managed to sell had the opportunity to benefit as Gold fell to a low of 18555 subsequently.

Sell on rise to 18655-18754 with a stop loss 18844.

Expect lower range of 18465-18176.

 

MCX SILVER TRADING STRATEGY ::

 

Cover short positions at current price or on dip to 29110-28800 as the opportunity arises.

Sell on fall below 28753 with high of the day stop loss.

Buy on rise and close above 29570 with low of the day stop loss.

 

SPOT GOLD ::

 

Use rise to 1221-1229 to sell with a stop loss of 1234.

A breakout and close above 1253$ can bring about a big rally further.

Upside can be capped to 1229-1248$.

Red Color Trend Line and Blue color ascending trend line to offer support.

The higher bottom of 1196$ can bring about a big crack in the near term in Gold.

Overall volatility in the band of 1252$-1196$ in the immediate near term can be expected

 

SPOT SILVER ::

A breakout and close above 18.7$ can bring about a rally subsequently.

Cover short positions at 18.14$-17.87$ as the opportunity arises.

Sell further on fall below 17.8$ with high of the day stop loss.

 

NYMEX CRUDE ::

 

Traders can hold long position with a  stop loss of 73.7$ and look for rise to 76.6$-79.19$ to exit.

 

ALERT ::

 

Chinese Inflation rises in the quickest pace in 19 months. CPI rises 3.1% (Forecast 3%). Tightening measures likely.China to keep high alert on Eurozone crisis. Euro drifts lower from 5 day peak.

 

ALERT ::

 

China on holiday from june 14-16th. (dragon boat festival). for both rubber and base metals, margins have been raised from 7% to 10%. trading limits from 5% to 7%

 

MARKET TALK :: GOLD SPOT ::

 

Bearish prospects:-  

Following yesterday’s plunge from 1233 levels to 1214.65, the bearish momentum may have slowed down However, initial attempts to rise may invite follow through selling interest esp from the 1222 region, but may not strengthen. A direct fall below 1212 would however, trigger further long liquidation, possibly targeting 1205.

Bullish prospects: (Favoured):-Dips to 1219 would be most ideal entry level for a
move towards 1227.

Medium Term Prospects:-
A close above 1254 is required before launching on to
the 1330 view, with intermediate pause likely in the
1275-80 region. Favoured view continues to remain
positive

 

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