MCX & COMEX TECHNICAL REPORT FOR 2ND SEPTEMBER 2010

INTERNATIONAL SPOT GOLD ::


Exit long positions on rise to 1247-1252-1264$ as the opportunity arises, alternatively hold long positions with a stop loss of 1230$

INTERNATIONAL SPOT SILVER ::

Hold long positions with a stop loss of 19.20$ and use rise to 19.49$-19.77$ to take profit.

NYMEX CRUDE ::

Volatility band is now 76$-70$.
Move above 76$ can bring about some impulsion.
A breakdown below 70$ can bring about a slump.

MCX GOLD TRADING STRATERGY ::

Hold long positions with a stop loss of 18900 and use rise to 19035-19115 to exit long positions.
Weaker price to 18912-18859 can be used for buying with a stop loss of 18823 for newer positions.
Traders will to take chance can sell on the rise to 19035-19115 with a stop loss of 19158.
The trend is up with intra-day day or one or two days of sideways to corrective move to the lower range of 18912-18709 can be tested before a recovery again to move higher.
The peak is placed at 19285. Next round of major rise can come if the close is above 19285. Till then broadly exit long on the rise and take profit from current price to 19285 as the opportunity arises.

MCX VIEWS ::

Mcx Gold Oct: Resistance levels are seen at 19175 followed by 19220 to cap up moves for a lower towards 18960. A break above 19280 could negate this view.
S1 18930 S2 18850 R1 19070 R2 19150

Mcx Silver Dec: Support levels are seen at 30510 followed by 30460 to hold for a rise towards 31050 or even higher to 31400.A break below 30350 could cause doubt about this view.
S1 30580 S2 30400 R1 30920 R2 31100

Mcx Copper Nov: Support levels are seen at 353 followed by 351. Favored view is to buy on dips to 352 levels to hold for a rise towards 366.A break below 347 could negate this view.
S1 354 S2 350 R1 361 R2 365

Mcx Crude Sept: Dip to 3435-3420 to hold for move up toward 3555-3570. Unexpected fall below 3390 to dent bullish view.
S1 3455 S2 3415 R1 3525 R2 3565

MCX Nickel Sept: Supports at 987 followed by 978 levels now. Favored view expects supports here to hold for a test of 1018 or even higher to 1033 level now.
S1 987 S2 975 R1 1007 R2 1018

MCX Zinc Sept: Support at 99.30 followed by 98.70 levels now. Favored view expects supports here to hold for a test of 102.60 or even higher to 103.90 level now.
S1 99.40 S2 98.40 R1 101.20 R2 102.20

MCX Lead Sept: Supports at 98.30 followed by 97.8 levels now. Favored view expects supports here to hold for a test of 100.30 or even higher to 102 level now.
S1 98.50 S2 97.50 R1 100.30 R2 101.30

MCX Nat Gas Sept: consolidated in a range of 175-185.Favored view is to buy on dips to 176 for a rise towards 185. A break below 173 can drag down sharply to 165 levels.
S1 175 S2 171 R1 181 R2 185


ENJOY TRADING !!!!

MCX & COMEX TECHNICAL REPORT FOR 1ST SEPTEMBER 2010

INTERNATIONAL SPOT GOLD ::


Corrective dip to 1242$-1234$ can be used for buying with a stop loss of 1230$.
Sell on fall below 1230$ with high of the day stop loss.

INTERNATIONAL SPOT SILVER ::

Seller stop loss violated and trend line breakout seems to getting confirmed.
Corrective dip to 19.17$-18.95$ can be used for buying. Expect higher range of 19.56$-20.17$.
Sell on fall below 18.78$

NYMEX NATURAL GAS ::

Hold long positions with a stop loss of 3.69$
Expect higher range of 3.89$-4.04$ to be tested.

NYMEX LIGHT CRUDE OIL ::

Exit long and sell on rise to 72.7-73.9 with a stop loss of 74.75$.
Buy above 75.60$. Support is at 70.70$. Expect sharper fall below 70.7$

GOLD MCX :: TRADING STRATEGY ::

Buy was triggered above 19000 and moved up to 19143.
Traders who managed to buy above 19000 had the opportunity to benefit.
Corrective dip to 19070-18993 can be used for buying.
Expect profit booking pressure around the peak of 19285.
Profit booking can be considered on rise to 19220-19447 range as the opportunity arises.
The red color bar shows that Gold has entered into the overbought zone therefore profit booking pressure at higher levels range could be seen. As Gold gets into overbought zone, we could see two things happening, either acceleration on the rise or reversal to put a halt to the sharp rise.

SILVER DECEMBER MCX :: TRADING STRATEGY ::

The buy above 30700 was indicated and the same got triggered. Traders who managed to buy above 30700 benefited as the high registered yesterday was 30964.
Corrective dip to 30682-30439 can be used for buying with a stop loss of 30166.
Expect higher range of 31152-31865 to be tested.
The red color bar indicates that RSI has got into overbought zone which indicates that we could either see acceleration in the direction of the uptrend or a reversal to halt the move on the back of profit booking. But since, we have see a breakout above the earlier peak, the momentum could be maintained with intra-day volatility.

MCX  VIEWS ::

MCX Gold Oct: Rise above 19060 opened the upside for 19260. Support will be seen at 19110
followed by 19050.Unexpected fall below 19015 could damage the bullish picture
S1 19065 S2 18985 R1 19205 R2 19285

MCX Silver Dec: Supports are at 30710 followed by 30390. Ideally, supports to hold for initial resistance at 31030 followed by stronger resistance at 31510
S1 30715 S2 30535 R1 31055 R2 31235

MCX Copper Nov: Headed to 352 or even higher to 354 or maximum 356. Supports are at 348 followed by 346
S1 346 S2 342 R1 355 R2 358

MCX Crude Sep: Failure to hold support at 3485 has taken prices lower. Resistance at 3470 followed by 3490 should now cap for 3375 levels or even lower.
S1 3353 S2 3310 R1 3490 R2 3570

MCX Lead Sep: Supports at 95.25 / 95.70 is expected to hold dips for a push higher towards 99.20
S1 95.75 S2 94.75 R1 97.85 R2 98.85

MCX Zinc Sep: Support at 96.10 followed by 95.50 to hold for a rise towards 98.70
S1 96.45 S2 95.45 R1 98.85 R2 99.85

MCX Nickel Sep: Supports at 964-969 to hold now for 1003 levels
S1 970 S2 958 R1 995 R2 1007

MCX NG Sep: while 184 holds, look for a strong pullback towards 192
S1 179 S2 175 R1 185 R2 189

ENJOY  TRADING !!!!

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