Mcx Gold Dec: Rallies to 20180/20290 to hold for a decline towards 19800/19600 now. Break of 20400 will negate this bearish view.
S1 19900 S2 19750 R1 20300 R2 20500
Mcx Silver Dec: Rallies to 42000 looks likely, strong consolidations around 42200/42600 could hold for a decline towards 41000/38300 now.
S1 39400 S2 38200 R1 42000 R2 42600
Mcx Copper Nov: Prices to find resistance near 388/392 to hold for a move lower towards 375/366 now. Prices to break above 396 to cause doubt on this view.
S1 378 S2 364 R1 388 R2 396
Mcx Crude Dec: Prices to stay above 3735 to show strong buying signals, failure of which may drag prices to 3600/3560 levels again.
S1 3610 S2 3560 R1 3740 R2 3827
MCX Nickel Nov: Rallies to 1020/1028 to hold for a decline towards 980/940 now.
S1 970 S2 938 R1 1026 R2 1038
MCX Lead Nov: Rallies to 105/108 to hold for a decline towards 100/97 now.
S1 99.60 S2 97 R1 106 R2 108.80
MCX Zinc Nov: While below 103.60, expect further bearish moves towards 90/85 levels. Break above 103.60 can negate this bearish expectation.
S1 93.60 S2 90 R1 101.80 R2 103.60
MCX Nat gas Nov: Dips to 184 to hold for 198/208. Unexpected break below 180 to cause doubt on this view.
S1 182 S2 176 R1 198 R2 209
NCDEX Steel Long Dec: Dips to 25120/25300 to hold for a move lower towards 24000 now. Unexpected break above 25700 to dent this bearish view.
S1: 24360 S2: 24000 R1: 25300 R2: 25700
SPOT SILVER ::
Expect higher range of 27.78$-28.71$ to be tested.
Traders by chance long can keep a stop loss at 26.35$.
Sell on fall below 26.35$ with high of the day stop loss.
SPOT GOLD ::
Hold short positions if any with a stop loss of 1365$. On rise above 1365$ expect a rise towards 1385$. Sell on fall below 1341$ with high of the day stop loss or 1365$ whichever is higher. Cover short positions at 1321$-1315$ as the opportunity arises.
MCX SILVER TRADING STRATERGY ::
In the Friday’s update, we had indicated that Corrective dip to 40200-39530 can be used for buying with a stop loss of 38338.
The low registered on Friday was 40077 and closed at 41490 on Saturday. Traders who managed to buy had the opportunity to benefit.
Expect rise to 41852 or above. Traders can take profit at 41852 or above for buy activated at 40200 or below.
Traders can keep a stop loss of 40077 to hold long positions.
MCX GOLD TRADING STRATERGY ::
On Friday, we had indicated to Sell on rise to 20007-20092 with a stop loss 20155. The high registered till Saturday was 20121 and closed at 20095. Traders who sold can cover positions at 20033-19962 as the opportunity arises.
On close above 20155, the rise can get extended towards 20282-20338 range.
Support is at 19915-19819. Further selling can be considered only on fall and close below 19819 with high of the day stop loss.
COPPER LME ::
The first peak was made in 2006 at 8790$.
The second multiple peak was made just above 8790$ but failed to show the weekly close above 8790$. The peaks made in 2008 were 8810$, 8880$ and 8930$. All these occasion when the peak was made in 2008 the close was lower below 8790$. This means that strong resistance and selling pressure to get witnessed at 8790$ or above.
Resistance zone of 8790$-8930$ continues at higher range. Profit booking at 8719$-8900$ is broadly suggested or keep a stop loss of 8025$.
Last week, we had indicated to buy on corrective dip to 8513$-8153$ can be used for buying and to hold long positions if any with a stop loss of 8025$.
The low registered last week was 8105$ and closed at 8450$
Traders who managed to buy at 8153$ as mentioned had the opportunity to benefit as the close of the week was at 8450$.
Exit long on rise to 8719$-8920$ as the opportunity arises. Re-enter long if the close is above 8920$. If that happens then expect a rise beyond 9295$ subsequently.
ALLUMUNIUM LME ::
The breakout above 2486$ was not seen but support of 2310$ was violated and closed below it as well. Traders by chance long can use rise and intra-week pullback to exit long to 2331$-2412$ as the opportunity arises.
Expect lower range of 2205$-1999$ to be tested.
NICKLE LME ::
Last week, we had indicated to Exit long on rise to 23248-2472. The high registered last week was 23695$ and closed at 21700$.
Traders who followed the view to exit long on rise to 23249 had the opportunity to benefit as a significant fall was seen at the end of last week.
The earlier rise was from 17325$ to 25125$. The 50% retracement was test last week at 21175$. The low made was 21100$. The 61.8% is at 20250$.
Better opening and the rise in the early part of the week can be used to exit long. Exit long on the rise to 22165$-23230$ as the opportunity arises.
Traders can take chance to sell on rise to 22500$ with a stop loss of 23695$.
Expect lower range of 20635$-18040$ to be tested and can be used for covering short positions.
LEAD LME ::
The stop loss of 2380$ was violated and Lead on LME made a low of 2236$. Exit long on rise to 2359$-2481$ range as the opportunity arises.
Expect lower range of 2167$-1853$ to be tested.
