MCX & COMEX EXPECTATIONS FOR 04TH JUNE 2010

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SPOT SILVER:-

 

Sell on rise to 18.06$-18.31$ with a stop loss of 18.45$.

Expect lower range of 17.68$-17.05$ to be tested.

 

SPOT GOLD:- 

 

Hold short if any with a stop loss of 1231$.

Expect lower range of 1197$-1173$ to be tested.

Exit long and sell on rise to 1210-1221$ with a stop loss of 1231$.

 

LEAD LME:-

 

Lead showing sustained weakness in short term.

Lead is approaching the 61.8% retracement of the rise from 850 to 2685$. The 61.8% retracement is placed at 1541$. The low registered this week is 1625$.

Expect some support or momentary halt to the fall around 1541$.

In case of further sustained fall and close below 1541$, the slide can move down to test the 78.6% retracement which is at 1249$.

Traders short can hold the same with a stop loss of 1870$ and look to cover the same on dip to 1541$ and 1249$ as the opportunity arises in time to come.

 

TIN LME:-

 

Support is at 16900$ and 16650$.

Expect support to be tested. If violated on sustained basis then downside momentum can be seen.

Resistance is at 18425$.

Not much activity in TIN is  seen. Negative divergence on RSI was in existence but the effect of the same not yet witnessed is yet to be seen. RSI is moving down without any price action

 

MCX GOLD TRADING STRATERGY ::

A negative divergence on MACD is being witnessed and a trend line breakdown as well.

 Exit long and sell on rise to 18487-18585 as the opportunity arises.  Expect lower range of 18354-18123 can be tested.

Only a breakout and close above 18900 can show an extension of the rally otherwise we can see a near term correction or sideways movement

 

MCX SILVER TRADING STRATERGY :: 

Sell on rise to 28881-29153 with a  stop loss of 29300.

Expect lower range of 28489-27825 to be tested.

A trend line breakdown has been witnessed. Therefore, lower channel line can be tested.

MCX  EXPECTATIONS :: 

 

MCX Gold Aug: Any moves to 18525-18555 levels will be met with strong resistance.Ideally, prices could ease lower towards 18220-18250 levels while resistance caps.
S1 18380 S2 18300 R1 18520 R2 18600

 

MCX Silver July: Resistances at 29005 followed by 29195 now. Resistance to cap for a decline to 28475-28445 levels.
S1 28560 S2 28380 R1 28900 R2 29080

 

MCX Copper June: Resistance at 305-308 to cap for 293 or lower. Only rise above 311 to hint at bullish strength again.
S1 302.50 S2 298.50 R1 309.50 R2 313.50

 

MCX CrudeOil June: Support at 3390 followed by 3340. Ideally, price could find support in this range for move toward 3555 level.
S1 3410 S2 3370 R1 3480 R2 3520

 

MCX Zinc June: While 80 holds expect pull back to 83.50-85 levels.
S1 80.10 S2 79.10 R1 82.65 R2 83.65

 

MCX Lead June: While 78-79 caps look for a fall towards 74 levels from where a good correction could begin.
S1 76 S2 75 R1 78 R2 79

 

MCX Nickel June: Resistance at 905-910 to cap for decline toward 860 or even lower. Only daily close above 910 to hint at corrective pullback
S1 868 S2 856 R1 888 R2 900

 

MCX Natural Gas June:Rise above 209 was a decisive one opening the way for 225-30 levels now. Dips to 212 to to hold dips now.
S1 216 S2 212 R1 222 R2 226

 

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MCX & COMEX EXPECTATIONS FOR 3RD JUNE 2010

MCX  &  COMEX  EXPECTATIONS  FOR  3RD  JUNE  2010 ::

MCX Gold Aug: Dips to 18535-18475 could still find support for a move higher. However a break above resistance at 18750 would be needed to see the rally extend further owards 18980.  A fall below 18445 would cause doubts about this view .

S1 18565 S2 18485 R1 18705 R2 18785

MCX Silver July: Seen moving in a wide range. Important support at 29080-28890. On the upside resistance lies at 29925.

S1 29060 S2 28880 R1 29400 R2 29580

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MCX Copper June: While above 312-311 levels we could expect a corrective rally towards 321-323 levels. These levels could cap the upside for a move lower again .

S1 311 S2 307 R1 318 R2 322

MCX CrudeOil June: : Important supports at 3415-3395. Only a breach of 3395 could see prices falling further towards 3350-3300. On the upside a break above 3575 would be required to see the rally extend further towards 3650 levels.

S1 3420 S2 3380 R1 3490 R2 3530

MCX Zinc June: While above 84-83.75 we could see a corrective rally towards 86.50/87 levels now. Prices could be capped here for a move lower again .

S1 83.85 S2 82.85 R1 85.65 R2 86.65

MCX Lead June: While above 79.50, could expect corrective rally toward 82.50 level where price could find resistance for move lower again.

S1 79 S2 78 R1 80.80 R2 81.80

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MCX Nickel June: Could rise in correction towards 960/980 levels as long as support at 920 holds the downside.

S1 930 S2 918 R1 950 R2 962

MCX Natural Gas June:  now. A break below 199 could see a move lower to supports at 195 or even 191 levels .

S1 204 S2 200 R1 210 R2 214

INTERNATIONAL  SPOT  GOLD ::

Sell on fall below 1210$ with high of the day stop loss. 

Buy above 1231$ with low of the day stop loss

INTERNATIONAL  SPOT  SILVER ::

Sell on fall below 18$ with high of the day stop loss. 

Buy above 18.7$ with low of the day stop loss.

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MCX GOLD TRADING STRATERGY ::

A negative divergence on MACD is being witnessed and continues to show on the daily chart even of as gold make new high.

Exit long positions or take profit on rise to 18689-18778 as the opportunity arises.

On further close above 18800 the rise can get extended towards 19024.

Lower range of 18532-18286 is likely to be tested.

Trend is up and can turn down on close below 18461.

Important higher bottom of the daily chart is at 18264. We can see volatility for immediate near term in the range of 18264 to 18778 and upside can get stretched to 19024

MCX SILVER TRADING STRATERGY ::

Exit long on rise to 29347-29612  as the opportunity arises.

Traders willing to take risk can sell on rise to 29347 or above with a stop loss of 29760.

Expect lower range of 28980-28348 to be tested.

 Enter long positions on rise and close above 29760 with low of the day stop loss

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LME ALLUMINUM :: 

The retracement of the rise from 1270$ to 2486$ is placed at 2024$.

The recent low registered this week was 1955$.

The earlier bottom is at placed at 1965$.

The last traded price is at 1995$.

The support of 1965$ has been respected.

Expect further fall below 1955$.

Resistance will be at 2070$-2107$. If the support is not violated in the immediate near term and manages to move higher above 2107$ then the recent low or this week’s low of 1955$ can prove to be an immediate near term bottom.

Traders holding short positions need to keep a stop loss of 2107$.

Sell further on fall below 1950$ with high of the day stop loss of 2107$.

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LME COPPER  ::

The recovery from the low has been significant.

The fall from the recent higher not very big and is holding on to the support trend line as shown in the chart. It has tested the earlier bottom of 6230$ by making a low of 6425$.

Support is at 6425$. Immediate resistance is at 7038$.

The 14 weeks RSI is moving down. A rise above its 50 mark can show a near term pullback if resistance also crossed simultaneously.

On fall below 6425$, we could see the 38.2% retracement of the rise from 2815$ to 8025$ to be tested which is at 6045$.

Copper is in higher top and higher bottom formation in spite of negative divergence on indicators.

Traders can trade long on rise and close above 7050$ with low of the day stop loss.

Traders who are already short can keep the same 7050$ as the stop loss.

Sell further on fall below 6400$ with high of the day stop loss.

Traders willing to take chance now can buy with a stop loss of 6400$. If the breakout is confirmed above 7050$, then a near term rise to 7223$ to 7406$ range can be tested.

At this point the peak of 8025$ is not expected to be crossed. Recovery from here on can take the price to 7223$ to 7406$.

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ZINC LME  ::

Hold short positions with a stop loss of 1960$.

 The last bottom of 1935$ has been violated and it trading below it.

The 50% retracement level of the rise from 1064$ to 2730$ is placed at 1899$. The low registered this week was 1774$ and last trade is at 1825$.

Traders holding short positions can keep a  stop loss of 1960$.  Arise above it can mean a respected to the 50% retracement level and a reversal as it has crossed 2 weeks high along with the entry back above its earlier bottom of 1935$. This can create a near term rally to start off.

On further fall below 1774$, ZINC on LME can move down towards 61.8% retracement level of the rise from 1064$ to 2730$ which is at 1704$.

Cluster of support is around 1704$. Therefore, on LME ZINC can hold the lower levels of 1700$.

A any recovery from here on or from lower level has to the potential to move higher for a near term trading rally at least.  A breakout and close above 1960$ will certainly confirm all the expected argument mentioned above.

A pull back to test back the violated red color trend line cannot be ruled out of 1960$ gets crossed on  closing basis

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