MCX & COMEX EXPECTATIONS FOR 8TH JUNE 2010

MCX  & COMEX  EXPECTATIONS  FOR  8TH  JUNE  2010 :: MCX Gold Aug: As expected a break above 18745-18795 opened the way for higher levels. Immediate support is at 18870 followed by 18760-18795 levels now. Ideally a test of 19175 or even higher to 19480 can be expected now. S1 18714 S2 18635 R1 18974R2 19055   MCX Silver July: Dips to 28620 followed by 28350 to hold for a break above 29665. Unexpected decline below 27945 could dent our bullish expectations. S1 29010 S2 28860 R1 29355 R2 29500   MCX Copper June: While above 284, look for a pullback towards 292-294 levels for the day. S1 285 S2 281 R1 297 R2 301   MCX Crude Oil June: As expected 3450-3455 capped upside attempts for a fall lower. While this level caps we expect the decline to continue towards 3280 3280 or even lower. S1 3324 S2 3284 R1 3405 R2 3444   MCX Zinc June: Dips to 75 to be bought s/l 73.50 target 78.50.  S1 75.20 S2 73.20 R1 79.20 R2 81.20   MCX Lead June: Further dips to 71-72 cannot be ruled out. A strong pullback is expected from here towards 75 or even higher. S1 73 S2 71 R1 75 R2 77   MCX Nickel June: Dips to 855 to be bought s/l 835 target 895. S1 837 S2 817 R1 877 R2 897   MCX NG June:  While 237-342 caps look for a decline to 220 levels now. S1 224 S2 218 R1 236 R2 242

MCX GOLD TRADING STRATERGY ::

MACD triggers a buy signal on the trend line breakout. Failure of the signal will prove to be a negative divergence once again. 

The buy level was just missed yesterday as the low made was 18610 against the buy indicated at 18591.

Traders by chance long can keep a stop loss of 18600 to hold the same.

Expect higher range of 19104-19484 to be tested.

Intra-day lower range of 18857-18724 can be tested first before making further attempt to move higher.

MCX SILVER TRADING STATERGY ::

The sell indicated stop loss got triggered and strong rise was seen.

Cover short positions for the time being on dip to 28814 or below as the opportunity arises.

Resistance of 29493-29755 can be tested.

Support will be at 28212-28031.

Only a fall and close below 28000 can show a sharper slide from here on. Otherwise, we can find price showing volatility between 30163-28000.

Weaker opening to 28814-28408 can be used for buying with a  stop loss of 28000.

After buying use rise to 29597 or above to take profit.

If higher range of 29597 is attained first and then the lower range of 28814-28408, in that case avoid buying.

Weaker opening in the range of 28814-28408 can be used for buying.

Broadly, use higher range to exit long

SPOT GOLD ::

 

Traders can hold long positions with a stop loss of 1210$.

Look for rise to 1252$-1286$ to take profit.

SPOT SILVER ::

 

Cover short positions on dip to 17.80$ or below as the opportunity arises.

A rise towards 18.45$-19.44$ is possible.

The last lower top was at 18.66$.

Traders can take chance to sell around 18.6$ with a stop loss of 18.70$.

Support will be at 17.20$-17$.

Major weakness can be seen only below 17$. Otherwise, we will see volatility between 17$-21$ broadly

NYMEX NATURAL GAS ::

 

Hold long positions with a stop loss of 4.50$ and look for rise to 5.02$-5.30$ to book profits

NYMEX CRUDE ::

 

Hold short with a stop loss of 75.8$

Sell further on fall below 69.5$ with high of the day stop loss.

MARKET TALK :: (GOLD SPOT)

The sharp swing from 1210 yesterday is indicative of
the buyers getting more and more impatient; and
chasing higher and higher prices. The challenge of
1248.95 now looks to be a formality today, but 1254 is
a technical point of turn which has to be seen off
before launching on to the 1330 view, with
intermediate pause likely in the 1275-80 region

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