MCX & COMEX EXPECTATIONS FOR 7TH JUNE 2010

MCX Gold Aug: Any corrective moves to find support near 18702 or even lower to 18594 and break above 18950-18980 targeting 19365 or even higher.
S1: 18714 S2: 18635 R1: 18874 R2: 18955

 

 MCX Silver July: Resistance at 29145 followed by 29307 to cap upside attempt for decline towards 27835. From here very strong pullback expetced higher.
S1: 28292 s2: 28142 R1: 28592 R2: 28742

 

MCX Copper June: While 289/291 caps we expect decline to continue lower towards 265 level. Strong correction upward can be expected from there.
S1: 289 S2: 285 R1: 297 R2: 301

 

MCX CrudeOil June: Pullback to 3415 to find good resistance. While resistance cap we expect further decline to 3105 or even lower to 3046. S1: 3324 S2: 3284 R1: 3405 R2: 3444

 

MCX Zinc June: While 78-79 caps, look for fall towards 72 level. Extreme oversold conditions cautions of corrective pullback in the offing.

S1: 74.20 S2: 73.20 R1: 79.20 R2: 81.20

 

MCX Lead June: Resistance at 75/76 level. Rise above 77 to confirm corrective rise higher due to extreme oversold condition.

S1: 72 S2: 71 R1: 75 R2: 77

 

MCX Nickel June: Due to oversold condition we can see pullback higher toward 875 or even higher toward 895.
S1: 825 S2: 817 R1: 877 R2: 897

 

MCX Natural Gas June: While 234-235 cap expect correction to end near 218/220 level.

S1: 224 S2: 218 R1: 236 R2: 242

 

INTERNATIONAL  SPOT  GOLD  ::

Gold has once again take support of the blue color line as shown.

Resistance will be at 1226$-1249$ which is likely to get tested again.

Corrective dip to 1212$ can be used to cover short positions.

Buy on decline to 1212$-1203$ with a stop loss of 1196$.

Sell on fall below 1196$ with high of the day stop loss.

 

INTERNATIONAL SPOT SILVER ::

 

Sell on rise to 17.54$-17.81 with a stop loss of 18$.

Expect lower range of 17.10$-16.39$ to be tested

 

MCX  GOLD  TRADING  STRATEGY ::

 

A sharp recovery in Gold from the support gap of 18287-18247 by forming a low of 18260 has been witnessed. It has now bounced to test back the recent peak of 18850. The same will be crossed. Expect Gold to hit the range of 18923-19423 before witnessing some profit booking pressure.

Heavy short covering on the back of support buying at lower levels and weak international clue in equity market brought a sharp rise.

Traders short would be in rush to cover the same.

Corrective dip to 18591 or below could be used to cover short position. Rise to 18932-19423 to take profit on the long side.

The negative divergence on MACD continues which put the question mark as to how long on the up the price movement would survive. A strong trended movement can be seen and MACD is still above the zero line which can enable price to move higher in spite of the negative divergence. Even if MACD slides price could move higher if MACD remains above zero line or speed of MACD falling towards zero is very slow.

 

MCX SILVER TRADING STRATEGY ::

Sell on fall below 28130 with high of the day stop loss. Expect lower range of 28034-27475 to be tested.

Resistance will be at 28593-28760.

 

NYMEX  CRUDE :: 

Sell on rise to 72.55-74.38$ with a stop loss of 75.8$.

Expect lower range of 69.49$-65$ to be tested

NYMEX  NATURAL  GAS ::

Hold long positions with a stop loss of 4.50$ and look for rise to 4.98$-5.35$ to book profits