MCX & COMEX OUTLOOK FOR 16TH NOVEMBER 2010

Mcx Gold Dec: Pullbacks to 20270/20370 to be sold for a decline towards 19800 / 19600 now. Break of 20500 will negate this bearish view.
S1 19750 S2 19450 R1 20490 R2 20700

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Mcx Silver Dec: Rallies to 39900/40400 to hold for a decline towards 38100/ 37000 now. Unexpected break of 41300 to dent this bearish view.
S1 38160 S2 37200 R1 41300 R2 42000

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Mcx Copper Nov: Dips to 386/384 to hold for a move higher towards 396/408 now. Prices to fall below 378 to cause doubt on this view.
S1 382 S2 367 R1 402 R2 408

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Mcx Crude Nov: Dips to 3800/3780 to take prices higher towards 3900/4000 now. unexpected fall below 3730 to dent this bullish view.
S1 3777 S2 3733 R1 3940 R2 4100

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MCX Nickel Nov: Rallies to 1025/1035 to hold for a decline towards 970/900 now.
S1 995 S2 965 R1 1040 R2 1058

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MCX Lead Nov: Rallies to 112/114 to hold for a decline towards 104/99 now.
S1 103.60 S2 97 R1 112 R2 114

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MCX Zinc Nov: Rallies to 106/107 to hold for a decline towards 98/92 now.
S1 97.60 S2 90 R1 105.80 R2 108

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MCX Nat gas Nov: Dips to 172/170 to hold for 180/196. Unexpected break below 163 to cause doubt on this view.
S1 168 S2 163 R1 182 R2 195

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TRADING  STRATEGY ::

SILVER  MCX  DECEMBER ::

The hourly chart show that a momentum will come back again after couple of days to correction mode which reduced the large volatility range.

Volume bar seen at 9.55 pm hourly bar yesterday and tested the resistance as shown in the chart. The range of the volume bar was 39970-39468. Either side move can shown trading movement  and momentum.

As per the daily chart the trend is down and sideways at this point. Support is at 39000. Sell on fall below 39000 with high of the day stop loss or 39970 whichever is higher.

On the basis of hourly chart for the day, traders can buy above 39970 with low of the day stop loss or 39468. Alternatively, sell below 39468 with high of the day stop loss or 39970 whichever is higher.

GOLD  MCX  DECEMBER ::

The hourly chart shows the resistance gap at 20320-20367 with red color horizontal lines and the falling trend line in orange color.

Volatility is a narrow band of 20485-20005 is likely to be tested. The resistance gap of 20320-20367 could attract profit booking and selling.

Support of 20028 still held. The earlier breakout point was 20028 and the low in last 3 trading days was 20005. The price since then has moved up a bit on Saturday and yesterday to 20233 thereby validating the support of 20028.

Expect higher range of 20321-20537 to be tested and can be used for profit booking.

INTERNATIONAL  SPOT  GOLD ::

On rise above 1377, expect a pullback towards 1393.

Use rise from current level of 1358-1372 to exit long.

On fall below 1354 expect lower range of 1340-1328 to be tested.

INTERNATIONAL  SPOT  SILVER ::

Hold short with a stop loss of 26.5$.

Sell on rise to 25.79$-26.16$ with a stop loss of 26.5$.

Expect lower range of 25.11$-24.06$

NYMEX  NATURAL  GAS ::

Traders long as can keep a stop loss of 3.70$.

Expect higher range of 3.91-4.08$ can be used to exit long.

NYMEX  LIGHT  CRUDE  OIL ::

Buy above 85.8$ with low of the day stop loss.

Buy at 84.3-83$ with a stop loss of 79$.

Buy is suggested based on perspective and on trend in this case.

Earlier breakout point was at 84$ the same is likely to offer support.

ENJOY  TRADING  !!!!!