MCX & COMEX EXPECTATIONS FOR 2ND JUNE 2010

MCX  &  COMEX  EXPECTATIONS  FOR  2ND  JUNE  2010 ::

MCX Gold June: Dips to 18455-18450 could still find support for a move higher. However a break above resisatance at 18760 would be needed to see the rally extend further. A fall below 18305 would cause doubts about staying bullish. 

S1: 18645 S2: 18565 R1: 18785 R2: 18865

MCX Silver July: Seen moving in a wide range. Important support at 29155-28965. On the upside resistance lies at 30005.

S1: 29435 S2: 29255 R1: 29775 R2: 29955

MCX Copper June: As long as 324-326 caps the upside prices could stay under pressure and attempt to test support at 304 levels. Direct rise above 328would negate this view.

S1: 312 S2; 306 R1: 323 R2: 327

MCX CrudeOil June: Rallies to 3448-3479 could cap the upside for a move lower towards 3298. Direct rise above 3520 could negate this view.

S1: 3380 S2: 3330 R1: 3460 R2: 3520

MCX Zinc June:Resistance at 89/89.50 levels now. While these levels cap the upside prices could stay under pressure. A break above 89.50. could see a move higher towards 91.00 levels. 

S1: 87.20 S2: 86.20 R1: 89 R2: 90

MCX Lead June: We could see prices trading in the range 82.50/87.50. A break on either side could decide the next directive move.

S1: 82.45 S2: 81.45 R1: 84.25 R2: 85.25

MCX Nickel May:As long as 995/1005 levels caps the upside moves, we could see a move lower to supports at 940-930. Direct rise above 1005 would negate this view.

S1: 955 S2: 943 R1: 975 R2: 987

MCX Natural Gas June: A break below 199 could see a move lower to supports at 195 or even 191 levels. Dips could be held here for a move higher again. Important resistance lies at 210 levels now 

S1: 199 S2: 195 R1: 205 R2: 209

SPOT GOLD ::

Traders got into long positions yesterday as mentioned can keep a stop loss of 1214$.

Expect higher range of 1231-1247$ to be tested and can be used for profit booking.

SPOT SILVER ::

Traders can Exit long positions on rise to 18.4$-18.63$-19.13$ as the opportunity arises.

Sell on fall below 18.16$ with high of the day stop loss.

Buy above 18.7$ with low of the day stop loss

NYMEX CRUDE ::

Exit long positions and sell on rise to 73.18$-74.7$ with a stop loss of 75.73$.

Expect lower range of 71.04$-67.3$ to be tested.

NYMEX NATURAL GAS :: 

A breakout and close above 4.50$ can bring about a stronger rally in near term.

Exit long and sell on rise to 4.3$-4.38$ with a  stop loss of 4.50$.

Expect lower range of 4.17$-3.97$ to be tested

MCX SILVER TRADING STRATERGY ::

Hold long positions if any with a stop loss of 29320.

Expect higher range of 29805-30240 to be tested and can be used to take profit

NEWS  U  CAN  USE::

1)IMF sells 14.4 Tonnes in April according to DowJones Newswire. Of the total agreed sales of 403.3MT, it had sold 212 MT to India, Mauritius and
Srilanka in 2009. Of the 191.3MT left for sale, it had sold 5.6 MT and 18.5 MT so far in Feb and Mar 2010 respectively.
2) Japanese Prime Minister resigns. Tocom Gold rises. Nikkei falls.
3) Currency markets volatile. INR had weakened over 1.5% yesterday, Euro plummeted to a 4 year low and Dollar Index rose to a 15 month high.
4) A slew of lackluster economic data (Chinese/German,Eurozone/UK PMI, German retail sales and unemployment rate , US ISM manufacturing
figures fail to trigger positive sentiments trades.
5) SPDR Gold Trust’s ETF holdings rise again to a fresh life time peak of 1268.234 tonnes as of June 1

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