EXPECTATION OF COMEX GOLD SILVER CRUDE FOR NEAR TERM

VIEWS FOR 10TH SEPTEMBER 2009

MCX Gold Oct: Fall below 15650 has caused some doubts on the bullishness. However, big picture still remains bullish for 16190. Supports at 15530/15515 to hold for 15675 followed by 16115. Direct fall below 15485 to dent our bullish expectations. S1: 15622 S2: 15565 R1:15692 R2: 15755

MCX Silver December: Though 26250 was broken; the structure looks to consolidate once again. Only a fall below 26105 to dent our bullish expectations. Favored view expects a test of 28125 as long as supports hold. S1: 26215 S2: 25853 R1: 26660 R2: 27020

MCX Copper Nov: Critical support at 308. Fall below here could drag prices lower again. As long as this support holds, look for 326. S1: 309.50 S2: 304.25 R1: 315 R2: 319.20

MCX Crude Oil Sept: Important support at 3431 now. Fall below here to take prices lower again. Direct rise above 3524 to take it to 3545/3575 levels. S1:3430 S2:3382 R1:3512 R2:3564

MCX Zinc sept: Support is at 94.50/94.25. Failure to hold support here could drag prices lower towards 93.50/92.80. Resistance is at 95.75/96.50 levels now. S1: 94.35 S2: 93.45 R1: 96.00 R2: 97.10

MCX Lead Sept: Supports are at 115.25 and 114.25. Fall below 114 could see a move lower towards 112 or even 110. Immediate resistance is at 118 levels now. S1:115.20 S2: 114.25 R1:117.75 R2:119.20

MCX Nickel Sept: Support is at 865/855 levels now. A fall below 855 could see support at 830 levels now. As long as supports hold there is a chance for a rally towards 910/922 levels. S1:862 S2:845 R1:892 R2:910

MCX Natural Gas Sept: Immediate support is at 134 followed by 129. As long as support at 130/129 levels hold we could expect a rally towards resistance at 151/153 levels. S1:134 S2:129 R1:144.40 R2:148.50

TRADING STRATEGY ::

SILVER MCX DECEMBER ::

Indecisive spinning top candle formation is being witnessed.
The 14 day RSI is still above the 70 level. As it has been above the 70 level the rally has been witnessed. Now, the RSI has to move below the 70 level for the correction or sideways movement.

Fresh long positions can be undertaken on rise and close above 27018 with low of the day stop loss.




[[[ LONG TERM OUTLOOK ON GOLD :: (VIEW GIVEN ON 28TH OF AUG WHEN GOLD TRADING AT 943):-GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN, MUNNABHAI ANALYST GROUP ]]]

VIEWS FOR 8TH SEPTEMBER 2009

MCX Gold Oct: Immediate support is at 15610/15570. A breach of the same could see a drift lower to supports at 15495 followed by 15360/15340. These levels could hold for a test of 16015 or even higher. Immediate resistance is at 15872 levels now. S1: 15688 S2: 15606 R1:15795 R2: 15872




MCX Silver December: Immediate support is at 25992. While above this level we can expect a move towards 27280.A breach of 25990 could see a test of firm supports at 25510 / 25270. S1: 26110 S2: 25720 R1: 26540 R2: 26972



MCX Copper Nov: The big picture trend is up for levels above 323 or 329 but the momentum is bearish in weekly & daily charts hinting at a drift to 304 or ideally towards 290. Next rally might start after this corrective decline. It has to fall below 286 to give up the bullish expectation.S1: 307 S2: 301 R1: 313 R2: 318



MCX Crude Oil Sept: Resistance is at 3400. Favoured view expects a decline towards 3197 or 3151. It has to rise above 3487 to suggest that price might find it difficult to decline as per this view. S1:3290 S2:3247 R1:3354 R2:3400



MCX Zinc sept: While below 94.50 / 95.00 we could see a drift lower towards supports at 91.40 or 90.50. Direct rise above 95.00 to see prices rising again. S1: 92.90 S2: 91.80 R1: 94.30 R2: 95.10



MCX Lead Sept: A fall below 112.70 could see a drift lower to next supports at 110 or even 108. Resistance is at 116 levels and a direct rise above the same could see prices edge higher without the initial dip. S1:113.20 S2: 112.15 R1:115.30 R2:116.50



MCX Nickel Sept: Prices have found support at 857/855 levels. A fall below 855 could see support at 830 levels now. As long as 855 holds we could expect a corrective rally towards 893/903 levels. S1:860 S2:844 R1:885 R2:906



MCX Natural Gas Sept: A break above 137 would be required to spark a corrective rally towards resistance at 155 levels. Supports are at 124/120 levels now. S1:127.60 S2:124 R1:137.00 R2:143.00



MCX Mentha Oil Sept : - Resistance is at 520/ 525 levels. A breach of 525 would be required to see prices rally towards 535. On the other hand a direct fall below 513 could see a move lower towards 508. S1:- 512.90 S2:- 508 R1:- 520 R2:- 525



TRADING STRATEGY ::



GOLD MCX OCTOBER ::



Traders holding long positions can hold long with a stop loss of 15630.

Fresh trading long positions can be undertaken on rise and close above 15806.



SILVER MCX DECEMBER ::



Hold long positions with a stop loss of 25656.

Book profit on rise towards 26506-26869 range as the opportunity arises.

Fresh trading long positions can be undertaken on rise above 26444 with low of the day stop loss.



INT. SPOT GOLD ::



Hold long positions with a stop loss 985$ and look for rise to 1005$ or above to take profit.

Traders can buy on rise above 998$ with low of the day stop loss at the point of breakout or 985$ whichever is lower.



INT. SPOT SILVER ::



Resistance will be at 16.40$.

Support will be at 16.10$-15.8$.

Traders can Hold long positions with a stop loss of 15.80$ or book profits.

Fresh trading long positions can be undertaken on rise above 16.50$.


[[[ LONG TERM OUTLOOK ON GOLD :: (VIEW GIVEN ON 28TH OF AUG WHEN GOLD TRADING AT 943):-GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN, MUNNABHAI ANALYST GROUP ]]]


ENJOY !!!!

VIEWS FOR THE WEEK STARTING FROM 7TH SEPTEMBER 2009

MCX Gold Oct: Immediate support is at 15630. A breach of the same could see a drift lower to supports at 15550 followed by 15425/15393.These levels could hold for a test of 16010 or even higher. Fall below 15390 to see prices correct further towards supports at 15265. S1: 15668 S2: 15566 R1:15795 R2: 15892




MCX Silver December: We could see the price drifting to supports near 25567 or even 24922 before next rise towards 26615 or 27342. It has to fall below 24760 to give up this bullish expectation as price might find it difficult to rise as expected. S1: 25720 S2: 25430 R1: 26320 R2: 26740



MCX Copper Nov: The big picture trend is up for levels above 323 or 329 but the momentum is bearish in weekly & daily charts hinting at a drift to 304 or ideally towards 290. Next rally might start after this corrective decline. It has to fall below 286 to give up the bullish expectation.S1: 307 S2: 301 R1: 313 R2: 318



MCX Crude Oil Sept: Resistance is at 3400. Favoured view expects a decline towards 197 or 3151. It has to rise above 3487 to suggest that price .might find it difficult to decline as per this view. S1:3290 S2:3249 R1:3348 R2:3400



MCX Zinc sept: While above 92.00 prices could stay firm and test resistance at 95.00. Fall below 92.00 could see a move lower towards next supports at 91.00 / 90.50. S1: 92.90 S2: 92.00 R1: 94.30 R2: 95.10



MCX Lead Sept: As long as support at 111/110.10 hold prices could stay firm and edge higher towards 116.50 again. Fall below 110.00 could see a drift lower to next supports at 106.40. S1:113.00 S2: 112.15 R1:115.30 R2:116.50



MCX Nickel Sept: Prices have found support at 860/857 levels. We can expect a corrective rally towards 901/910 levels as long as supports hold. S1:860 S2:844 R1:888 R2:906



MCX Natural Gas Sept: A break above 140 could spark a corrective rally towards resistance at 155 levels. Supports are at 128/124 levels now. S1:130.00 S2:124 R1:140.00 R2:145.90



MCX Mentha Oil Sept : - Resistance is at 525/ 529 levels. A breach of 529 would be required to see prices rally towards 535. On the other hand a direct fall below 513 could see a move lower towards 508. S1:- 513 S2:- 508 R1:- 524 R2:- 530



TRADING STRATEGY ::



SILVER MCX DECEMBER :: Hold long positions with a stop loss of 25656.

Book profit on rise towards 26506-26869 range as the opportunity arises.

Fresh trading long positions can be undertaken on rise above 26444 with low of the day stop loss.



GOLD MCX OCTOBER :: Traders holding long positions can hold long with a stop loss of 15630.

Resistance will be at 15806-15900-15929.

Traders holding long positions can take profit on rise to 15900 or above as the opportunity arises.

Corrective dip to 15646 can be used for buying with a stop loss of 15600.



INT. SPOT SILVER :: Last week, Silver exhibited a trend line breakout as shown in the chart.

It has tested 61.8% retracement level of the fall from peak of 21.24$ to 8.42$.

Resistance is likely to be witnessed at current levels.

Traders holding long positions can keep a stop loss of 15.8$ and Book on rise from current price to 16.50$ as the opportunity arises.



INT. SPOT GOLD :: A breakout and close above the trend line and the lower top of 971$ was witnessed last week.

The historical peak was at 1030$ formed in March 2008.

Further lower top was formed in Feb’09 at 1005$.

Last week a breakout and close above 971$ has generated a potential to test 1005$.

The high registered on breakout above 971$ last week was 997.2$.

On Friday the movement was narrow within the Thursday’s movement and before its high of 997.2$.

Traders who are holding long positions need to maintain a stop loss of 985$.

Traders can Book profits at 1005$ and 1030$ as and when the opportunity arise during the week.



NYMEX NATURAL GAS :: On the monthly chart, the current month candle is in progress and will change as the price move till the month is not complete.

The high of the Sept’09 month till now is placed at 3.017$.

A recovery was seen on Friday from the low of 2.409$ to closed at 2.728$ was seen.

Traders who are holding short positions for the time being can cover short at current price and on dip towards 2.409$ as the opportunity arises.

A minor pullback towards 2.81$-2.91$ could be witnessed.

Sell on rise to 2.81-$2.91$ with a stop loss of 3.017$.

Sell further on fall below 2.40$. On further fall below 2.40$ expect a slide towards 1.982$.



NYMEX LIGHT CRUDE OIL :: Support will be at 67.05$-66$.

Traders holding short positions can maintain a stop loss of 70$.

Sell on fall below 66$ with high of the day stop loss.



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EXPECTATION OF COMEX GOLD AND MCX GOLD WITH LONG TERM VIEW ON GOLD AND NATURAL GAS AS ON 4 TH OF SEPT

MCX Gold Oct: Supports are at 15540 followed by 15410. Supports could hold for a test of 15992 or even higher. Fall below 15400 to see prices correct towards supports at 15280-15250. S1: 15668 S2: 15566 R1:15806 R2: 15892




MCX Silver December: Supports are seen at 25002/24775. While above these levels prices could stay firm. A break above 26325 could see a move higher towards 26940/27261. Fall below 24770 could see prices correct further towards 24518/24422. S1: 25680 S2: 25240 R1: 26250 R2: 26740



MCX Copper Nov: A breach of 315 could see a move higher towards 323. Supports are at 306 / 301.50. Fall below 300.50 to see prices edge lower again.S1: 307 S2: 301 R1: 313 R2: 318



MCX Crude Oil Sept: Supports are at 3316 followed by 3280. Ideally, a pullback towards 3423 or even higher towards 3455 looks likely as long as supports hold. S1:3306 S2:3260 R1:3380 R2:3420



MCX Zinc sept: Dips to 90.20 / 89.65 could find support for a move higher towards 93.00. Fall below 89.15 to set in a bearish tone. S1: 90.70 S2: 89.65 R1: 92.40 R2: 93.20



MCX Lead Sept: Resistance is now seen at 114 followed by 116 levels. Dips to 108 / 106 could find support. Direct fall below 105.80 could see prices correct further towards 103 or even 100 levels. S1:110.20 S2: 108 R1:113.15 R2:114.30



MCX Nickel Sept: As long as support at 870/868 hold prices could rise in correction towards 920 or even 938. A fall below 868 would lessen a chance of a pullback and see prices move lower again. S1:882 S2:868 R1:910 R2:938



MCX Mentha Oil Sept : - A fall below 514 could see prices weaken towards 508 levels. Resistance is at 525/ 529 levels. A breach of 529 would be required to see prices rally further. S1:- 514 S2:- 509 R1:- 524 R2:- 530.80



TRADING STRATEGY ::



SILVER MCX DECEMBER :: Corrective dip to 25774-25298 can be used for buying with a stop loss of 24934. Expect higher range of 26614-27090 to be tested.
The monthly chart below shows that the peak range of 27230-27500 will be tested.
The daily chart shows the 2 point 1.618 upside retracement level target is 27122. A breakout seen a few days back with huge volumes and further follow also witnessed which had resulted into a rise to current levels.
Higher levels should be used to take profit if holding long positions



GOLD MCX OCTOBER :: Expect a rise to test daily upper level of 15900-16022 range.

Corrective dip to 15680-15555 can be used for buying with a stop loss of 15464. The monthly chart below since 2004 shows a sustained rally irrespective of short to medium term volatility and correction.

The monthly chart below since 2004 shows a sustained rally irrespective of short to medium term volatility and correction.

Gold on the continuous chart shows that the peak of 16036 is now round the corner with 250 odd points away.
The next major resistance will be at 16036.
On the daily chart of October contract, the resistance will be at 15929 and the peak in October’09 contract is 16200. Expect profits booking at higher range of 15929-16200 range.




NYMEX NATURAL GAS ::



We have seen important trend line getting violated in the current month in 3 trading days.

The high in the current month is at 3.017$.

As a result of the breakout, Natural Gas is expect to move in the purple box shown in the chart which has the price range of 1.86$-1.59$.

The close as on 3/09/09 is 2.50800$.

Medium term short stop loss remains at 3.017$

The 100% projection as shown by orange color line is placed at 1.96$. Therefore, on the whole further decline is still likely with volatility.

Unless 3.017$ is not crossed fall will not be arrested till 1.96$ at least

VIEWS FOR 3RD SEPTEMBER ::: MCX AND COMEX VIEW WITH TRADING STRATERGY WITH LONG TERM OUTLOOK ON GOLD

MCX Gold Oct: Supports are at 15425 followed by 15346. Supports to hold for a test of 15758 or even higher. S1: 15458 S2: 15374 R1:15546 R2: 15602

MCX Silver December: Strong support is seen at 24628/24660 now. Dips to 24742 support for a test 25228 or even higher towards 25650. S1: 24210 S2: 23972 R1: 24540 R2: 24720

: MCX Copper Nov: Supports are at 298-299. Favoured view expects a pullback towards 308.75/311 levelswhile above 296.S1: 301 S2: 296 R1: 307 R2: 313

MCX Crude Oil Sept: Supports are at 3320 followed by 3298. Ideally, a pullback towards 3436 or even higher towards 3470 looks likely as long as supports hold. S1:3306 S2:3260 R1:3374 R2:3420

MCX Zinc sept: A rise above 89.75 could see a pullback to 90.60 / 91 levels. A fall below 87.50 would lessen a chance of a pullback and see prices move lower again. S1: 88.20 S2: 87.10 R1: 89.65 R2: 90.60

MCX Lead Sept: While above 101.50 prices could attempt to test resistance at 104.30 again. Fall below 101.40 to see prices edging lower. S1:102.20 S2: 101.40 R1:103.40 R2:104.30

MCX Nickel Sept: A rise above 900 could see a pullback to 920 / 930 levels. A fall below 872 would lessen a chanceof a pullback and see prices move lower again. S1:871 S2:854 R1:900 R2:922

MCX Natural Gas Sept: While below 150 prices could stay under pressure. Prices are still oversold but a breach of 150 levels would be required to spark a corrective rally towards 166 levels. Supports are at 132/130 levels now.S1:132 S2:128.30 R1:140 R2:144.80

Comex Gold Dec: Supports are at 972 followed by 967. Supports to hold for a test of 993 or even higher. aadianant4u: Comex Silver Dec: Strong support is seen at 15.18/20 now. Dips to 15.25 support for a test 15.55 or even higher towards 15.81.

Nymex Crude Oct: Supports are at 67.65 followed by 67.05. Ideally, a pullback towards 69.85 or even highertowards 70.55 looks likely as long as supports hold.

Comex Copper Dec: Supports are at 275-76. Favored view expects a pullback towards 285/87 levels while above 273

mcx trading startegy:-Corrective dip to 15415-15284 range can be used for buying.
The price movement yesterday was large therefore we could see intra-day dip to support level of 15415 or below.
Intra-day traders in order to minimize risk can wait for a fall below 15415 and if it rises above 15415 then buy with low below 15415 as the stop loss at the point of recovery.
Expect higher range of 15650-15781 to be tested

mcx silver trading startergy;-Corrective dip to 24785-24469 can be used for buying with stop loss of 24300.
In order to reduce the risk, traders can wait for a fall below 24785 and rises above 24785 then buy with low below 24785 as the stop loss.
Expect higher range of 25269-25586 to be tested

LONG TERM OUTLOOK ON GOLD;-(VIEW GIVEN ON 28TH OF AUG WHEN GOLD TRADING AT 943):-GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN

VIEWS FOR 02ND SEPTEMBER 2009

MCX Gold Oct: Resistances are at 15210-15250 levels now. These levels expected to cap for a decline towards 15002 or even lower. Unexpected rise above 15288 to dent our bearish view. S1: 15156 S2: 15075 R1:15246 R2: 1530

MCX Silver December: Looks quite good for a test of 24560/24720 levels while above 23595. Initial resistance is at 24475. Supports are at 23972 followed by 23792. S1: 24210 S2: 23972 R1: 24540 R2: 24720

MCX Copper Nov: Pullback to 306.50/307.50 could find resistance for a fall towards recent lows or even lower. S1: 301 S2: 296 R1: 307 R2: 313

MCX Crude Oil Sept: Resistance at 3417 followed by 3461. Ideally resistances to cap for a decline towards 3306-3290 or even lower. S1:3352 S2:3306 R1:3410 R2:3450

MCX Zinc sept: A fall below 89.00 could see a test of supports at 88.30 or lower. On the upside rallies could be capped at resistance levels of 90.60. S1: 89.00 S2: 88.30 R1: 90.25 R2: 91.10

MCX Lead Sept: A fall below 101.00 could see a test of supports at 99.60 or lower. On the upside rallies could be capped at resistance levels of 102.40/103.35. S1:101 S2: 99.60 R1:102.40 R2:103.50

MCX Nickel Sept: Rallies to 905/915 could find resistance for a move lower towards 870 levels again. More important resistance levels are at 930/940 a breach of which would cause doubts about the bearish view. S1:871 S2:854 R1:903 R2:922

MCX Natural Gas Sept: While below 150 / 153 prices could stay under pressure. Prices are still oversold but a breach of 154 levels would be required to spark a corrective rally towards 165/170 levels. S1:140 S2:136.20 R1:145 R2:150.80

GOLD (spot): Last 954Bargain hunting was visible yesterday, and it seems, Gold’s inversecorrelation with equities, is now strengthening after being patchy forsometime. However, we remain cautious about being bullish until atleast 960gives away. A direct rise above 957 would be the first indication that such amove is in motion.Alternate Scenario:Inability to move past 957 is likely to trigger a swing back in to the trajectoryto 930 levels.Strategies: Buy above 957, TGT 970, Sell below 944, TGT932

Nymex Crude(Oct): Last 68.5Though yesterday’s fall was steep, a steep and unexpecteddecline in API crude stocks (released early morning)delays an impending fall in prices. The structure nowfavours a brief push towards 69 for a turn lower andsteeper. Voluminous break above 69 would dilute theintraday bearish momentum, but is likely to turn loweragain if 70 resists

Comex Copper (Dec): Last 2.7850Trend is now turning decidedly bearish, targetting 2.72initially, but a feeble swing back towards 2.80 cannot beruled out, which is an ideal selling level again. However,only a push above 2.82-2.84 would negate the bearishmomentum

MCX GOLD TRADING STRATEGY;-

Corrective dip to 15163-15108 can be used for buying with a stop loss of 15080. Expect higher range of 15258-15313 range to be tested.

SILVER MCX TRADING STRATERGY;-

Corrective dip to 24358-24120 can be used for buying with a stop loss of 23986. Expect higher range of 24730-24968 to be tested.
The peak of 24884 could be tested.
Immediate resistance and lower top of 24375 has been crossed.

MUNNABHAI ANALYST, M. M. A. S.

VIEWS FOR THE WEEK FROM 31.08.2009

WEEKLY VIEWS ::

MCX Gold Oct: Supports at 15065-15035 to hold for a test of 15380-15430 levels in the coming sessions.Fall below 14968 to dent our bullish expectations S1: 15065 S2: 14980 R1:15189 R2: 15246.


MCX Silver September: Supports at 23436 followed by 23230 to hold for a test of 24240-24400.Fall below 22875 could cause doubts on our bullish view. S1: 23650 S2: 23230 R1: 23890 R2: 24240


MCX Copper Aug : Crucial support at 304/303 levels now. Fall below 303 to test 299 being a trend line support point.Unexpected break of 299 could lead prices towards 278.S1: 307 S2: 301.80 R1: 312.50 R2: 318


MCX Crude Oil Sept: Resistance is at 3568 and 3602. Expect resistance to cap for a decline towards initial support at 3484.Subsequently a deeper fall towards 3368 or even lower is expected. S1:3504 S2:3452 R1:3568 R2:3608


MCX Zinc sept: Support is at 90.30/90.10. A fall below 90.00 could see a test of supports at 89.20 or 88.30.A break of 88.30 would set in a bearish bias and see further weakness. Resistance is at 92.00 levels now.
S1: 90.10 S2: 89.25 R1: 91.65 R2: 92.40


MCX Lead Sept: While below 104 prices could edge lower to test supports at 100.50 or even 99.50.Fall below 99.30 would set in a bearish bias and se a move lower towards 97.60. S1:102 S2: 100.50 R1:103.80 R2:105


MCX Nickel Sept: Support is at 920 levels now. A breach of the same would see prices move lower towards 900 / 895. Resistance at 958 / 965 and a breach of the same could see prices rising again. S1:930 S2:905 R1:955 R2:979


MCX Natural Gas Sept: While below 153 / 156 prices could stay under pressure. However oversold conditions still hint at a chance of corrective recovery in prices. A breach of 158 levels now could spark such a rally towards 166/170 levels.
S1:147 S2:142.50 R1:152.70 R2:157.7

INTERNATIONAL SPOT SILVER:-
Book profits on long positions on rise to 15$-15.16$ and re-enter long on close above 15.16$.
Corrective dip to 14.47$ can be used for buying with a stop loss of 14.25$.

INTERNATIONAL SPOT GOLD;-Resistance will be at 961$-972$.
Support will be at 948$.
Sell on fall below 948$ or sell on rise to 966$ with a stop loss of 972$.

NUMEX LIGHT SWEET CRUDE:-Exit long positions on rise to 73.5-75$ and re-enter long on rise and close above 75$. Corrective dip to 72.49$ can be used for buying with a stop loss of 69.8$.

COMEX COPPER:-
Comex Copper (Dec):
A penetration of previous peak on Friday, has been largely rendered impotent, owing to a disappointing close lower, followed up by a feeble test today of Friday’s peak and a 3% fall lower. Following a massive long liquidation in the morning an upswing is presently underway. 2.84 on
the lower side has held thus far and an outside chance of such pull backs turning into rallies lies in the ability to push above 2.94 early. A fall below 2.84 is likely to trigger massive falls targetting 2.70

MCX GOLD TRADING STRATERGY;-
Expect higher range of 15183-15193 to be tested.
Corrective dip to 15048 can be used for buying with a stop loss of 15022

MCX SILVER TRADING STRATEGY:-
Corrective dip to 23856-23654 can be used for buying with a stop loss of 23480.
Book profits on long positions on rise to 24231-24375 range as the opportunity arises.
Re-enter long on close above 24375

WEEKLY AND LONG TERM OUTLOOK ON COMEX AND NYMEX FUTURES AS ON 31 AUG

Comex Gold (GC)
Gold's break of 959.9 resistance on Friday clears out the outlook a bit an indicates that rise from 931.3 is possibly resuming whole rally from 904.8. Initial bias is mildly on the upside this week for a test of 974.5/992.1 resistance zone first. Nevertheless, strong resistance could be seen there and bring another falling leg of the sideway consolidation that started at 1007.7. On the downside, below 942.4 support will turn intraday outlook neutral again. Break of 931.3 will indicate that another fall is indeed underway for 904.8 support instead.
In the bigger picture, price actions in gold remains choppily bounded in converging range between 865 and 1007.7. While there are some possible developments inside such range, there is no change in the preferred view that it's merely consolidation to larger rise from 681, and should be near to completion. On the downside, in case of another fall, strong support should be seen at 904.8 support level and the case of deep fall to 865 is not likely. On the upside, break of 974.3/992.1 resistance zone will be the first alert that rise from 681 is resuming and will turn focus to 1007.7 key resistance level for confirmation.
In the long term picture, medium term consolidation from 1033.9 should have completed as an expanding triangle to 681 already. Rise from there is tentatively treated as resumption of the long term up trend from 253 and will target 61.8% projection of 253 to 1033.9 from 681 at 1160 after taking out 1033.9 high. However, a break below mentioned 801.5 cluster support will argue that consolidation from 1033.9 is still in progress and will delay the long term bullish case
Comex Silver (SI)
Silver's rebound from 13.495 extended further to as high as 14.86 last week. The break of 61.8% retracement of 15.185 to 13.495 at 14.54 dampened the view that Silver has topped out at 15.185 and in turn indicates that rise from 12.435 is still in progress. Initial bias remains on the upside this week for a test of 15.185 resistance first and break will target the current medium term top at 16.25 next. On the downside, below 14.475 will bring consolidation but another would still be in favor as long as 14.04 support holds.
In the bigger picture, the outlook in Silver is rather mixed for the moment with main question on whether it's topped out at 16.25 already. We're still slightly favoring the case that silver's medium term rebound from 8.4 has completed at 16.25 after touching 16.08 key support turned resistance, with bearish divergence condition in daily MACD. It's also possible that silver is forming a head and shoulder top pattern too (ls: 14.635, h: 16.25, rs: 15.185?). However, a break of 13.495 near term support is at least needed first to give us more confidence on this case while break of 12.435 support will be the confirmation. However, a break above 15.185 resistance will in turn shift favors back to the case that rise from 8.4 is still in progress for another taken on 16.08/19.55 medium term resistance zone.
In the longer term picture, recent development suggests that Silver's fall from 21.44 to 8.4 just part of a long term correction to the five wave up trend from 4.01. In other words, such down trend form 21.44 is possibly not completed and fall from 16.25 is tentatively treated as resumption of such fall that will eventually send silver through 8.4 low. Though, strong support is expected at 5.45/8.5 support zone in case of down trend resumption. In case of another rise above 16.25, there will still be no change in the long term neutral view and upside is expected to be limited by 19.55/21.44 resistance zone to bring at least another medium term fall to continue to long term consolidation patter between 8.4 and 21.44

Nymex Crude Oil (CL)
After edging higher to 75.0, crude oil retreated sharply to as low as 69.83 last week but managed to recover from there and close above 70 level at 72.86. Initial bias remains neutral this week and some more sideway trading might be seen. As noted before, with near term trend line support (now at 68.00) intact, rise from 58.32 is likely still in progress. Above 75.0 will bring rally resumption to long term fibonacci resistance at 76.77 (38.2% retracement of 147.27 to 33.2) first. On the downside below 69.83 will flip intraday bias back to the downside. Also, considering mild bearish divergence condition in 4 hours MACD, break of the mentioned trend line support will argue that rise from 58.32 has indeed finished ahead of 76.77 fibo resistance and will turn focus to 65.23 support for confirmation.
In the bigger picture, there is no change in the view that rise from 33.2 is a correction to whole down trend form 147.27. Hence, strong resistance is expected as crude oil enters into 76.77/90.24 fibo resistance zone (38.2% and 50% retracement of 147.27 to 33.2) and bring reversal finally. On the downside, break of 65.23 support will now be an important signal that crude oil has already topped out and will turn focus back to 58.32 key support for confirmation.
In the long term picture, there is no change in the view that fall from 147.27 is part of the correction to the five wave sequence from 98 low of 10.65. While there rebound from 33.2 is strong and might continue, there is no solid evidence that suggest fall 147.27 is completed and we're still preferring the case that rebound from 33.2 is merely a corrective rise only. Having said that strong resistance should be seen between 76.77/90.24 fibo resistance zone and bring reversal for another low below 33.2 before completing the whole correction from 147.27.

Nymex Natural Gas (NG)
There is no change in the overall bearish view in Natural gas. While some consolidation might be seen in near term, upside recovery is expected to be limited by 3.25/60 fibonacci resistance zone, (38.2% and 50% retracement of 4.162 to 2.692). Current decline, which is part of the whole down trend from 13.69, is expected to resume sooner or later to next long term projection target at 2.50 after completing the consolidation. Nevertheless, decisive break of 3.60 will be an important signal that natural gas has bottomed out and will turn focus to 4.16 resistance.
In the bigger picture, whole medium term fall from 13.69 resumed after completing triangle consolidation from 3.155. Such decline is treated as the third leg of the long term consolidation pattern that started at 15.78 back in 2005. Hence further fall should be seen to next target of 100% projection of 15.78 to 4.593 from 13.69 at 2.50 and possibly below. Nevertheless, we're expect strong support between 1.96 (02 low) and the 2.5 projection target to finally conclude the whole decline from 13.69. On the upside, break of 4.162 resistance will now be an important signal that natural gas has finally bottomed out

EXPECTATION OF MCX GOLD AND LONG TERM VIEW ON GOLD

GOLD LONG TERM OUTLOOK ;-

GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN

MCX Gold Oct : Finally getting ready to break higher. Break above 15158 to open the way higher for 15492 levels or even higher. Supports are at 15000 followed by 14936. S1: 14980 S2: 14936 R1:15084 R2: 15136

MCX Silver September: After a messy consolidation, we could see a break higher. Break above 23630 to test24040-24060 or even higher towards 24660. Supports at 23271 followed by 23025. S1: 23124 S2: 22960 R1: 23530 R2: 23792

MCX Copper Aug : Supports are at 309/308. Expect prices to test 326-328 levels while above 305.S1: 307 S2: 301.80 R1: 312.50 R2: 318

MCX Crude Oil Sept: Supports are at 3514 followed by 3490. Supports to hold for a test of 3608 or even higher. S1:3490 S2:3452 R1:3554 R2:3608

MCX Zinc Aug: While above support at 87.50 prices could stay firm. Resistance seen at 91.20 levels now and a breach of the same could see prices rising further towards 92.50. S1: 88.50 S2: 87.50 R1: 90.05 R2: 91.20

: MCX Lead Aug: While above 97.70 prices could stay firm and edge higher towards 102. Fall below 97.50 would cause doubts about this view. S1:98.50 S2:97.65 R1:100.00 R2:101.

MCX Nickel Aug: Support is at 920 levels now. A breach of the same would be required to see prices move lower towards 900 / 895. While above this levels prices could attempt to test resistance at 955 levels and a break above it could see prices rising again. S1:930 S2:905 R1:955 R2:979

MCX Natural Gas Sept: A fall below 152.50 could see further weakness. However oversold conditions still hint at a chance of corrective recovery in prices. A breach of 162 could spark such a rally towards 170/175 levels. S1:153 S2:149.50 R1:159.10 R2:163.50

MCX Mentha Oil Aug : - Rallies to 513/515 could find resistance for a move lower again towards 501. A rise above 516.20 would cause doubts about this view. S1:- 505 S2:- 501 R1:- 511 R2:- 516

MCX SILVER TRADING STRATERGY;-
Exit long positions on rise to 23287-23449 range as the opportunity arises.
Re-enter long on rise and close above 23550.
Corrective dip to 23133 can be used for buying with a stop loss of 23030.
Sell on fall below 23000 with high of the day stop loss.
Intra-day traders can wait for a rise above 23449 and when it falls below 23449 then sell with high above 23449 as the stop loss.


MCX GOLD TRADING STRATERGY:-
Buy on breakout above 15085 with low of the day stop loss or 14980 whichever is lower at the point of breakout.
Sell on fall below 14980 with high of the day stop loss.
Intra-day traders can wait for a rise above 15067 and when it falls below 15067 then sell with high above 15067 as the stop loss

VIEWS FOR 26TH AUGUST 2009

MCX Gold Oct : Resistance at 15075-15125 to cap for a decline towards 14760 levels now.
S1: 14936 S2: 14883 R1:15037 R2: 15085

MCX Silver September: Moving in the range 23595 – 22960. A break of the range would decide the next directive move. S1: 23180 S2: 22960 R1: 23530 R2: 23792

MCX Copper Aug : As long as 311.50/312.50 caps expect a fall towards 299 or even lower.
S1: 302 S2: 298 R1: 309.20 R2: 313

MCX Crude Oil Sept: As expected we saw a fall towards 3485. Resistance at 3573 followed by 3607. Favored view expects resistances to cap for a decline towards 3411. S1:3460 S2:3411 R1:3544 R2:3608

MCX Zinc Aug: Support is at 87.50/87.20. As long as support hold prices could stay firm and test resistance at 91.20. Fall below 87.20 could se prices falling towards 85.00/84.70. S1: 87.57 S2: 86.70 R1: 89.05 R2: 90.00

MCX Lead Aug: While above 95.30 prices could stay firm. Resistance is now seen at 99.90 / 100.30. A fall below 95.20 could see correction in prices to supports at 93.00 / 92.00.
S1:95.35 S2:93.80 R1:99.35 R2:100.30

MCX Nickel Aug: Support is at 926 levels now. Fall below 923 could see a move lower towards next supports at 903 / 893. As long as 923 levels holds prices could stay firm and test resistance at 970 levels. S1:926 S2:905 R1:958 R2:979

MCX Natural Gas Sept: Oversold conditions do hint at a chance of corrective recovery in prices. However a breach of 166/168 would spark such a rally towards 175/180 levels. Support is at 157 / 155 levels now. S1:158 S2:153 R1:166 R2:172

MCX Mentha Oil Aug : - Support is at 510.50 levels. A breach of the same could see 508 or even 502 levels. Rallies could find stiff resistance at 518 /521 levels. Only a rise above 524 would see prices rising again. S1:- 510.50 S2:- 505 R1:- 517 R2:- 522.50

MCX GOLD TRADING STRATERGY:-Use rise to 14987-15040 to exit long positions as the opportunity arises.
Buy on rise and close above 15084 with low of the day stop loss.
Expect lower range of 14908-14855 to be tested

MCX SILVER TRADING STRATERGY;-
Buy on rise and close above 23496 with low of the day stop loss at the point of breakout.
Corrective dip to 23281-23130 can be used for buying with a stop loss of 23000.
Sell on fall below 23000 with high of the day stop loss.

INTERNATIONAL SPOT GOLD :-
Sideways volatile and inclusive moves are being witnessed.
The band of movement is getting narrower between its earlier peaks and troughs.
Resistance will be at 951-958$.
Support will be at 937$-935$.
Use rise to higher range to exit long positions

ENJOY TRADING !!!!

VIEWS FOR WEEK STARTING FORM 24TH AUGUST 2009

MCX Gold Oct : Favoured view expects 14940/14878 range to hold for a breakout past 15360 during the week.Fall below 14846 might expose it to the other support levels at 14751 or 14626. S1: 14947 S2: 14878 R1:15065 R2: 15115

MCX Silver September: Dips to 22980-22940 to support for a rally towards 23820-23890.Fall below 22750 to dent our expectations. S1: 23020 S2: 22740 R1: 23354 R2: 23820


MCX Copper Aug : Price could initially attempt to cross above 315. Next objective is at 335. Support is around 299 It needs to fall below 288.30 to hint that there could be a further correction.It looks more likely that it would not fall below 295 but would find it easier to rise towards the upside objectives. S1: 302 S2: 295 R1: 315 R2: 321

MCX Crude Oil Sept: We can expect a rise to 3708 or 3786 while staying above 3465. It has to fall below 3392 to take away the bullishness and turn the picture bearish for next important support near 3355. S1:3553 S2:3474 R1:3630 R2:3708

MCX Zinc Aug: Support at 88.00 could hold for a move higher towards 92.40.Fall below 87.00 would cause doubts about the bullish outlook. S1: 88.45 S2: 87.40 R1: 90.60 R2: 91.50

MCX Lead Aug: Dips to 89.00 / 88.50 could find support for a move higher towards 92.60.A fall below 87.70 would cause doubts about this view. S1:89.00 S2:87.80 R1:91.70 R2:92.60

MCX Nickel Aug: While above 920 levels prices could edge higher towards 976 / 986 levels now. Fall below 920 could see a move lower towards next supports at 903 / 893. S1:933 S2:905 R1:967 R2:987

MCX Natural Gas Sept: Oversold conditions do hint at a chance of corrective recovery in prices. However only a breach of 166 would spark such a rally towards 170 / 175 levels. Support is at 153 / 150 levels now. S1:153 S2:147.60 R1:162 R2:170

SPOT GOLD ;-
Expect Gold to test the brown color trend line which is around 967$.
Resistance will be at 961$-967$.
Support will be at 946$-935$.

SPOT SILVER;-
Red Color trend line which was violated is now retested on the upside.
On further sustained rise above 14.25$, the rise can go higher towards 14.46$-14.59$.
Support will be at 13.88$-13.27$.

NYMEX CRUDE:-
A breakout above 73.38$ has been witnessed.
Hold long positions with a stop loss of 71.6$.
Corrective dip to 72.8$ or below can be used for buying.(WAITING FOR AN BIG MOVE TILL 85-100 RANGE)

MCX GOLD TRADING STRATERGY;-If it opens below 15065 and rises above 15065 then buy with low below 15065 as the stop loss.
Corrective dip to 14886 can be used for buying with a stop loss of 14865.
Intra-day traders in order to minimize risk can wait for a fall below 14886 and when it moves above 14886 then buy with low below 14886 as the stop loss.

MCX SILVER TRADING STRATERGY:-
Resistance will be at 23159-23251. If it opens below 23251 and rises above 23251 then buy with low below 23251 as the stop loss.
Corrective dip to 23101 or below can be used for buying with a stop loss of 22675.

VIEWS FOR THE WEEK FROM 17TH AUGUST 2009

MCX Gold Oct : Bearish momentum in weekly daily charts could make the price to stay under 15003 and drift to supports near 14736, 14564 or 14502. The bullish consolidation pattern would breakdown if price falls below 14375, nullifying the bullish expectation. Favoured view expects the decline to end near 14799 or 14612 for resumption of the uptrend by rising past 15145. Fall below 14564 would hint at deeper decline to 14501 or 14375. S1: 14805 S2: 14730 R1:14922 R2: 14989

MCX Silver September: Supports are at 23115 followed by 22825. Failure to find support here could drag prices lower towards 21920 levels. Resistance are at 23640 followed by 23730. Direct rise above 23750 to negate bearish view. S1: 23340 S2: 23115 R1: 23640 R2: 23857

MCX Copper Aug : Supports are at 291/290 now. Stronger support is at 287/286. Only a daily close below this could lead to a further corrective move towards 272/273. S1: 292 S2: 287 R1: 299 R2: 305

MCX Crude Oil Sept: Favoured view expects that resistance near 3443 or 3478 could cap for a fall towards 3278 or even 3170. It needs to rise above 3501 to change this bearish view. S1:3335 S2:3278 R1:3404 R2:3452

MCX Lead Aug : Support is seen at 86.00 levels. Failure to hold support at this level could see further weakness towards 84.00.On the other hand a direct rise above 89.50 to see prices rise again. S1:87.20 S2:86.00 R1:89.00 R2:90.60

MCX Nickel Aug: Support is seen at 920 / 910 levels. Failure to hold support these levels could see further weakness towards 880 levels.On the other hand a rise above resistance at 986 / 996 to see prices rising again. S1:923 S2:907 R1:962 R2:986

MCX Natural Gas Aug: While below 166 prices could stay under pressure. Next supports are at 156 followed by 151 levels now. A rise above 166 could see a corrective move up towards 172 / 174 levels. S1:156 S2:151 R1:165.35 R2:171.80


MCX GOLD TRADING STRATERGY;-

On Friday, we had indicated that traders holding long positions can maintain a stop loss of 14847 and take profits on rise to 14999-15060 range as the opportunity arises.
On Friday, we had seen excess volatility as the high and low were at 15011-14781. The stop loss was violated after attaining the profit booking range of 14999-15060.
A breakout and close above 15020 can bring about a near term rally.
Support range will be at 14781-14690.
Fresh trading long positions can be undertaken on rise and close above 15020

MCX SILVER TRADING STATERGY:-

Traders who are holding long positions and wish to continue to do so can maintain a stop loss of 23354.
Take profit on rise to 23988-24270 range as the opportunity arises.
Re-enter long on rise and close above 24270 with low of the day stop loss or 23615 whichever is lower at the point of breakout

INTERNATIONAL SPOT GOLD :-

The low registered was 939.4$ and moved back up to test the red color trend line offering resistance.
If the support and the low registered 3 days back of 939.4$ is violated on closing then expect a confirmation of the head and shoulder pattern with price implication down towards 920$-907$.
Traders can sell on rise to 953$ or above with a stop loss of 965$.


INTERNATIONAL SPOT SILVER:-

A new dark blue color trend line is marked parallel to orange color line which shows the angle of accent.
Traders holding long positions can look for rise to 15$-15.50$ to exit long positions and take profit.
Support will be at 14.46$.
Traders can maintain a stop loss of 14.46$ to hold long positions

NYMEX NATURAL GAS:-

The long term weekly chart is shown below.
The Projection B is about to be tested.
The recent low of 3.15$ is about to get tested.
Support range is at 3.15$-3.05$.
On fall and close below 3$, the slide can get extended towards 2.64$ at least and to an outer extent to 1.85$-1.76$.
We have a good probability that Natural Gas could bounce from 3.15$-3.05$ or 2.64$.
On weekly charts, a weekly close above 3.77$ can only confirm a reversal otherwise series of lower top and lower bottom continues

COMEX HIGH GRADE COPPER;-

On the daily chart, the system show a buy signal on 15th July 2009(D, M, Y as shown in the chart shown the date) at 2.392$ (BP) and since then the trend has been up. The set target area (BT) when buy signal was confirmed was 2.60, 2.66 and 2.83. All the target level indicated we attained.
Book profit signal were market has well with Red Color Dot on the chart.
The trend line holds importance now.
A parallel track formation has been formed on Thursday and Friday which is a 2 day pattern.
If the trend line is violated then a correction is likely.
Support is around 2.69$.
If the support of 2.69$ is violated then expect top confirmation for fall.
In case of a breakout and close above 2.95$, the rally will get extended towards 3.17$.

NYMEX CRUDE;-

Crude Oil has violated the support of 69$ on closing.
Traders holding long positions can look for rise to 68.7$-70.10$ to exit long positions and to sell with a stop loss of 71.6$.
Fresh long positions can be undertaken on rise and close above 74$.
The blue color trend line could be tested.
The higher bottom is placed at 62.7$.
Support will be at 64.9$ or below with a stop loss of 62.7$.

LOOK FORWARD TO JOIN US FOR OUR ROCKING INTRADAY TRADING TIPS....

Comex Gold (GC):-
Even though gold managed to recover to 96.31 last week, subsequent fall suggests that rise from 943.6 to 963.1 is merely a correction to fall from 974.3 only. Initial bias is mildly on the downside this week and break of 943.6 will confirm that fall from 974.3 has resumed for 927.6 support next and then 904.8 support. On the upside, above 963.1 will flip intraday bias back to the upside for 974.3 resistance instead.
In the bigger picture, we're still preferring the case that price actions from 1007.7 are developing into consolidations to larger rally from 681, probably in form of triangle. Break of 943.6 support will indicate that the final falling leg in the pattern has started and will target 904.8 support. But downside will likely be contained there and the case of deep fall to 865 is not likely. In any case, break sustained break of 1007.7 resistance will indicate that whole rally from 681 has resumed and should target 1033.9 key resistance next.
In the long term picture, medium term consolidation from 1033.9 should have completed as an expanding triangle to 681 already. Rise from there is tentatively treated as resumption of the long term up trend from 253 and will target 61.8% projection of 253 to 1033.9 from 681 at 1160 after taking out 1033.9 high. However, a break below mentioned 801.5 cluster support will argue that consolidation from 1033.9 is still in progress and will delay the long term bullish case.

Comex Silver (SI):-
Silver's rise from 12.435 extended further to as high as 15.185 last week before retreating. While the fall from 15.185 was steep, there is no indication of topping yet. Another rise is still in favor and above 15.185 will target 16.25 resistance next. However, considering bearish divergence condition in 4 hours MACD, break of 14.17 support will indicate that a short term top is at least in place and should bring deeper decline towards 13.165 support next.
In the bigger picture, outlook is rather mixed in Silver for the moment. The stronger than expected rebound from 12.435 dampened the case that Silver has topped out at 16.25 already. But the strength of such rise from 12.435 was so far not strong enough to suggest it's rally resumption yet. Nevertheless, further upside is still slightly in favor as long as 14.17 support holds. Break of 16.25 will target next key resistance at 19.55. On the downside, below 14.17 will revive the case that silver's rise from 8.4 has completed at 16.25 already. Further break of 12.435 will confirm and bring fall to 11.725 support and then 8.4 low.
In the longer term picture, recent development suggests that Silver's fall from 21.44 to 8.4 just part of a long term correction to the five wave up trend from 4.01. In other words, such down trend form 21.44 is possibly not completed and fall from 16.25 is tentatively treated as resumption of such fall that will eventually send silver through 8.4 low. Though, strong support is expected at 5.45/8.5 support zone in case of down trend resumption

Nymex Crude Oil (CL):-
Despite some intra-week recovery, crude oil was limited below 72.84 high as well as 73.36 resistance and reversed towards the end of the week. Break of 68.71 support suggests that fall from 72.84 has resumed. More importantly, with daily MACD crossed before signal line, rise from 58.32 has possibly completed. Intraday bias is on the downside this week for 62.70 support first. Break will then target 58.32 key support next. On the upside, above 70.05 minor resistance will turn intraday outlook neutral again.
In the bigger picture, as noted above, with daily MACD crossed before signal line, rise from 58.32 has possibly completed already. The development puts focus back to medium term trend line support at 63.88. Decisive break there will revive the case that whole rebound from 33.2 has completed at 73.36 already and will turn focus back to 58.32 support for confirmation. Break there will open up the possibility of deep decline to retest 33.2 low. On the upside, above 73.36 will in turn indicates that rise from 33.2 is still in progress. Nevertheless, strong resistance is expected as crude oil enters into 76.77/90.24 fibo resistance zone and bring reversal finally.
In the long term picture, there is no change in the view that fall from 147.27 is part of the correction to the five wave sequence from 98 low of 10.65. While there rebound from 33.2 is strong and might continue, there is no solid evidence that suggest fall 147.27 is completed and we're still preferring the case that rebound from 33.2 is merely a corrective rise only. Having said that strong resistance should be seen between 76.77/90.24 fibo resistance zone and bring reversal for another low below 33.2 before completing the whole correction from 147.27

Nymex Natural Gas (NG):-
Natural's sharp fall and break of 3.519 support last week was inline with our view that triangle consolidation from 3.155 has completed at 4.162 already. Initial bias remains on the downside this week for 3.155/225 support zone. Decisive break there will confirm medium term resumption for 3.0 psychological level first. On the upside, above 3.412 minor resistance will turn intraday outlook neutral and bring recovery. But upside should be limited well below 4.162 resistance and bring fall resumption.
In the bigger picture, as noted before price actions from 3.155 are merely consolidation to the medium term fall from 13.69, in form of triangle and has likely completed at 4.162 already. Sustained break of 3.155/225 support zone will confirm medium term fall resumption. Whole fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 in 2005. Hence upon break of 3.155 low, further decline should be seen to 100% projection of 15.78 to 4.593 from 13.69 at 2.50.
On the other hand, note that while another rise cannot be ruled out for the moment, we'll hold on to this bearish view as long as 4.575 resistance holds. However, break of 4.575 resistance will in turn argue that Natural gas has already bottomed out at 3.155 and could pave the wave for strong rebound to 38.2% retracement of 13.69 to 3.15 at 7.18 and possibly above.

FOR MORE DETAILS ON TRADING STRATERGY CONTACT MR MANISH PARMAR 9820555212

VIEWS FOR 7TH AUGUST 2009

MCX Gold Oct : Bullish for 15163 or ideally 15318.Dips if any could be held at 14852 , 14775 or 14744. S1: 14840 S2: 14760 R1: 14995 R2: 15080

MCX Silver September: Price structures indicate as long as 23595-23627 caps we could see a fall towards 22430- 22477 levels. Unexpected rise above 23898 to dent our bearish expectation. S1: 23180 S2: 22960 R1: 23485 R2: 23645

MCX Copper August : Rallies to 292- 293.10 to cap for a test of 279.35- 281.45 levels or even lower. Unexpected rise above 296.0 to cause doubts on our corrective expectations. S1: 286 S2: 282 R1: 295 R2: 299

MCX Crude Oil Aug:Bullish. Can rise to 3483-3498. Support at 3414-3405 maximum at 3350-3335. Stop below 3321. S1:3395 S2:3360 R1:3485 R2:3520

MCX Zinc Aug: Rallies to 88.10- 88.40 to find resistance for a move lower towards 85.0/ 84.75 levels. A rise above 89.80 to negate this bearish view. S1: 86.80 S2: 86.0 R1: 88.50 R2: 89.70

MCX Lead Aug:Rallies to 90.10/90.50 to find resistance for a fall towards 87.0/ 86.50 levels. A rise above 91.55 to negate this bearish view. S1: 88.0 S2: 87.0 R1: 90.50 R2: 92.20

MCX Nickel Aug:Rallies to 940 / 948 find resistance for a move lower towards 900 /895 levels . A rise above 962 to negate this bearish view. S1: 920 S2: 905 R1: 945 R2: 962

MCX Natural Gas August : Dips to 176/172 to find support for a move higher towards 194.0 levels . A fall below 171.30 to negate this bullish view .S1: 178 S2: 174 R1: 186 R2: 191

TRADING STRATEGY ::

GOLD MCX AUGUST ::

Traders can hold long positions with a stop loss of 14850 and look for rise to 14933-15002 to exit long to take profit.
Re-enter long positions on rise above 15020 with low of the day stop loss or 14850 whichever is lower at the point of breakout.

SILVER MCX SEPTEMBER ::

Traders holding long positions can maintain a stop loss of 23211.
Exit long positions on rise to 23472-23680 range as the opportunity arises.

INT. SPOT GOLD ::

Trader, if holding long positions can maintain a stop loss of 950$.
The next resistance zone can be 973$-989$.
Traders holding long positions can look for rise to the resistance to take profit as the opportunity arises.

INT. SPOT SILVER ::

Exit long positions and take profit at current price of 14.64$-14.84$-15.03$ as the opportunity arises.
Re-enter long on rise and close above 15.03$.
A sideways movement to minor correction is likely before further attempts to move higher beyond yesterday’s high of 15.03$.

NYMEX LIGHT CRUDE OIL ::

Hold long positions if any with a stop loss of 69$.
Resistance will be at 72.2$ and 73.8$.
Traders can buy on rise above 72.2$ with low of the day stop loss or 70$ whichever is lower at the point of breakout.

VIEWS FOR 6TH AUGUST 2009

MCX Gold October : Dips to 14820- 14835 to hold for a test of 15082- 15098 or even higher towards 15143- 15158. Fall below 14695- 14711 to dent our bullish expectations. S1:14820 S2:14760 R1:14995 R2:15080

MCX Silver September: Initial resistance is at 23371 followed by 23688 - 23783 levels. Chances are that it could even extend to 24432 levels as long as 22610 - 22895 holds. Supports are at 22895 followed by 22610. S1: 23180 S2: 22960 R1: 23485 R2: 23645

MCX Copper August : Rallies to 290.6/292.2 to offer resistance for a move lower towards 280 levels. A rise above 296.10 to negate this view. S1: 290 S2: 285 R1: 294 R2: 299

MCX Crude Oil August : Favored view expects 3427 - 3451 levels to offer resistance and prices to move lower towards 3238 - 3224 levels.Above 3453 some doubts might creep in. S1:3350 S2: 3310 R1: 3435 R2: 3460

MCX Zinc Aug : While below 91.0 , expect correction towards 88.0/87.70 levels. A rise above 91.0 to negate this bearishness. S1: 89.2 S2: 88.2 R1: 91.4 R2: 92.60

MCX Lead Aug : While below 92.95 , expect correction towards 89.0/88.0 levels. A rise above 92.95 to negate this bearishness. S1: 91.50 S2: 90.65 R1: 93.30 R2: 94.20

MCX Nickel Aug : While below 962 , expect correction towards 930/925 levels. . A rise above 962 to negate this bearishness. S1: 945 S2: 928 R1: 970 R2: 995

MCX Natural Gas August : Dips to 191.5/189.5 to find support for a move higher towards 202 levels . Fall below 188 to negate this bullish view. S1: 189.5 S2: 185.5 R1: 196 R2: 201

TRADING STRATEGY ::

MCX GOLD ::

Traders can hold long positions with a stop loss of 14840 and look for rise to 14950-15005 to exit long to take profit. Re-enter long positions on rise above 15005 with low of the day stop loss or 14840 whichever is lower at the point of breakout.

SILVER MCX SEPTEMBER ::

Traders holding long positions can maintain a stop loss of 23211. Fresh trading long positions can be undertaken on rise above 23500 with low of the day stop loss of 23211 whichever is lower at the point of breakout.
On sustained rise above 23520, expect rise to get extended towards 23652.
On fall below 23211, a minor correction or sideways movement could be witnessed before making further attempts to move higher.

INT. SPOT GOLD ::

Trader, if holding long positions can maintain a stop loss of 950$. Resistance will be at 967$-971$.
On further rise above 971$ the next resistance zone can be 973$-989$.

INT. SPOT SILVER ::

Exit long positions and take profit at current price of 14.64$-14.84$ as the opportunity arises. Re-enter long on rise and close above 14.85$.
Alternatively, traders who wish to hold long positions can maintain a stop loss of 14.53$.
A correction or sideways movement can come into existence on fall below 14.53$.
Fresh trading long positions can be undertaken on rise and close above 14.53$.

INT. SPOT SILVER ::

Exit long positions and take profit at current price of 14.64$-14.84$ as the opportunity arises. Re-enter long on rise and close above 14.85$.
Alternatively, traders who wish to hold long positions can maintain a stop loss of 14.53$.
A correction or sideways movement can come into existence on fall below 14.53$.
Fresh trading long positions can be undertaken on rise and close above 14.53$.

NYMEX LIGHT CRUDE OIL ::

Hold long positions if any with a stop loss of 69$. Resistance will be at 72.2$ and 73.8$.
Traders can buy on rise above 72.2$ with low of the day stop loss or 70$ whichever is lower at the point of breakout.
On sustained rise and close above 74$, Crude Oil can spike towards 77$ at least and may be to an outer extent to 85$.

LONG TERM OUTLOOK ON COMEX METALS AND ENERGIES AS ON 3RD AUGUST

GOLD WEEKLY TECHNICAL OUTLOOK :-Gold's fall from 862.7 was contained at 927.6 and subsequent strong rally argues that whole rise from 904.8 is still in progress. Break of 962.7 high will confirm rise resumption and should then target 100% projection of 904.8 to 962.7 from 927.6 at 985.4 next. Nevertheless, as price actions from 1007.7 might be developing into triangle consolidation, upside of the current rise will possibly be limited between 985.4 and 992.1 and bring at least another fall to conclude the consolidation. Hence we'd look for near term reversal signals there. On the downside, break of 927.6 support is needed to indicate that rebound from 904.8 has completed. Otherwise, short term outlook will remain bullish even in case of retreat.
In the bigger picture, as discussed before, fall from 992.1 is either part of triangle consolidation from 1007.7 or a correction to rise from 865. We're slightly preferring the former case. But after all, in either case, there are still some possible scenarios that will bring more consolidation below 1007.7. So we'd stay neutral as long as 1007.7 resistance holds and be prepared for another fall before completing the consolidation. Nevertheless, the case of another deep fall to 865 is not likely. Break of 992.1 /1007.7 resistance will indicate that whole rise from 681 has resumed for 1033.9 key resistance next.
In the long term picture, medium term consolidation from 1033.9 should have completed as an expanding triangle to 681 already. Rise from there is tentatively treated as resumption of the long term up trend from 253 and will target 61.8% projection of 253 to 1033.9 from 681 at 1160 after taking out 1033.9 high. However, a break below mentioned 801.5 cluster support will argue that consolidation from 1033.9 is still in progress and will delay the long term bullish case

SILVER TECHNICAL OUTLOOK :-Comex Silver (SI)
Silver's fall from 14.09 was contained at 13.165 and the strong rebound from there aruges that rise from 12.435 might still be in progress. While such rise will now likely be stronger than we originally expected, there is no change in the view that it's merely a correction the five wave impulsive fall from 16.25. Break of 14.09 till target cluster level at 14.79/82 (61.8% retracement of 16.25 to 12.435 at 14.79 and 100% projection of 12.435 to 14.09 from 13.165 at 14.82). But upside should be limited there to conclude the correction and bring fall resumption. On the downside, break of 13.165 support is now needed to indicate that rebound from 12.435 has completed. Otherwise, short term outlook will remain bullish even in case of retreat.
In the bigger picture, we're still prefering the case that whole rise from 8.4 has completed at 16.25 already, after meeting 16.08 key medium term resistance, on bearish divergence condition in daily MACD. The three wave structure indicates that such rise is merely correction to whole fall from 21.44 only. In other words, down trend from 21.44 is not completed yet. Break of 11.725 support will further solidify this case and bring retest of 8.4 low next. On the upside, break of 14.79/82 resistance zone is needed to be the first signal that fall from 16.25 has completed. Otherwise, medium term outlook will remain bearish.
In the longer term picture, recent development suggests that Silver's fall from 21.44 to 8.4 just part of a long term correction to the five wave up trend from 4.01. In other words, such down trend form 21.44 is possibly not completed and fall from 16.25 is tentatively treated as resumption of such fall that will eventually send silver through 8.4 low. Though, strong support is expected at 5.45/8.5 support zone in case of down trend resumption

NYMEX CRUDE TECHNICAL OUTLOOK :-Nymex Crude Oil (CL)
Crude oil's correction from 68.99 was contained above 62.44 cluster support (61.8% retracement of 58.32 to 68.99 at 62.39) as expected. Subsequent strong rally and break of 68.99 high indicates that rise from 58.32 has resumed and should now be targeting key cluster level at 73.38 with 100% projection of 58.32 to 68.99 from 62.7 at 73.36. While some retreat might be seen, break of 62.70 support is needed to indicate that rise from 58.32 has completed. Otherwise, short term outlook will remain bullish.
In the bigger picture, whole medium term rebound from 33.2 is likely still in progress as crude oil is still trading well inside rising channel from there. Current rise from 58.32 should be resuming such rebound and will likely make another high above 73.38, probably to 38.2% retracement of 147.27 to 33.2 at 76.77. But strong resistance will likely be seen as crude oil enters into 76.77/90.24 fibo resistance zone. Hence, we'd look for sign of reversal and loss of momentum as crude oil as the current rise continues. on the downside, break of 62.70 support will argue that crude oil has possibly topped out earlier than we expect and break of 58.32 support will now be an important signal that crude oil has already topped out.
In the long term picture, there is no change in the view that fall from 147.27 is part of the correction to the five wave sequence from 98 low of 10.65. While there rebound from 33.2 is strong and might continue, there is no solid evidence that suggest fall 147.27 is completed and we're still preferring the case that rebound from 33.2 is merely a corrective rise only. Having said that strong resistance should be seen between 76.77/90.24 fibo resistance zone and bring reversal for another low below 33.2 before completing the whole correction from 147.27

NATURAL GAS :-Much volatility was seen in natural gas last week but after all it continued to stay in range of 3.225 and 3.904. Nevertheless, it looks choppy triangle consolidation from 3.155 is still in progress and could extend further. Above 3.094 will bring another rise towards 4.387 resistance but upside should be limited there and bring reversal. On the downside, a break of 3.225 support will argue that consolidation is possibly completed. Further break of 3.155 will confirm medium term fall resumption for 3.0 psychological level next.
In the bigger picture, price actions from 3.155 are merely consolidation to the medium term fall from 13.69, in form of triangle. Another rise might be seen before the consolidation completes but upside is expected to be limited below 4.575 resistance. As mentioned before, whole fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 in 2005. Hence upon break of 3.155 low, further decline should be seen to 100% projection of 15.78 to 4.593 from 13.69 at 2.50. On the upside, however, break of 4.575 resistance will in turn argue that Natural gas has already bottomed out at 3.155 and could pave the wave for strong rebound to 38.2% retracement of 13.69 to 3.15 at 7.18 and possibly above

FOR MORE DETAILS ON TRADE CONTACT MARKET EDITOR NITESHJAIN AND MANISH WE ROCK EVERY DAY

VIEWS FOR 28TH JULY 2009

MCX Gold August: Daily chart suggests that while staying above 14713 it is more inclined to rise towards 15137. A push above 15199 could open the way for next level at 15450/15465. Overall the outlook is bullish. Supports are around 14807/14839 and 14745. It has to fall below 14698 to suggest that it could decline further towards 14588 or even 14510. Favored view expects the dips to stay above 14807 for next rise towards 15168/15199 or 15450/15465. S1: 14850 S2: 14730 R1: 15040 R2: 15140

MCX Silver September: Support at 22262 is crucial for the uptrend to sustain and rally towards 23279/23311 levels. Direct fall below 22613 to develop into a corrective fall 22158 at least with a possibility of extending towards 21687/21719 too. S1: 22500 S2: 22300 R1: 22930 R2: 23150

MCX Copper August : Our preferred target at 274 has been nearly met. Important support is at 266-267. Break below here to drag prices towards 255-257 levels.This our favored view now. However, direct rise above 272 could take prices higher towards 280. S1: 265 S2: 262 R1: 274 R2: 278

MCX Crude Oil August : Crucial support is at 3257-3265 now. While below 3320 look for a fall towards 3200 or even lower towards 3175 Direct rise above 3321 to dent our bearish expectations. S1: 3250 S2: 3190 R1: 3330 R2: 3390

MCX ZincJuly:Rally to 81.4/81.6 to take price lower toward 79.60/79.30 level. Rise above 82.75 to negate bearish view. S1:80.40 S2:79.60 R1:82.10 R2:83.30

MCX LeadJuly: While below 86.10, price may move down and test 83.70/83.30 level. Rise above 86.15 to negate bearish view. S1:83.50 S2:82.70 R1:84.20 R2:85.20

MCX Natural Gas August : Dips to 181/178 to find support for a move higher towards 194 levels . Fall below 167 to raise doubts S1: 180 S2: 177 R1: 186 R2: 190

MCX Nickel July : While below 820 , we can expect price to move lower towards 785/780 levels .rise above 820 to negate this bearish view. S1:797 S2:782 R1: 820 R2: 830

TRADING STRATEGY ::

MCX GOLD ::

Traders can hold long positions with a stop loss of 14865. Traders holding long position can take profit on rise to 14976-15012 as the opportunity arise. Fresh trading long positions can be undertaken on rise and close above 15012 with low of the day stop loss or 14865 whichever is lower at the point of breakout.

MCX SILVER:-
Traders can hold long positions with a stop loss of 22485. Traders can buy on rise and close above 22820 with low of the day stop loss or 22485 whichever is lower at the point of breakout. Subsequently, expect a rise towards 22969

SPOT GOLD:-
A rise above 957$ was witnessed but closed lower at 952.65$. The high registered yesterday was 958.7$. Traders who are into long positions can maintain a stop loss of 944$ or exit long at 952.6 to 959 as the opportunity arises. Fresh trading long can be added on rise and close above 959 with low of the day stop loss at the point of breakout.

SPOT SILVER::
Can hold long positions with a stop loss of 13.73$. Expect a rise towards 14.32$. Corrective dip to 13.89$ can be used for buying with a stop loss of 13.73$.

Nymex Crude(Sep):
Last 68.2 Buy 67.7, TGT 68.5, 69.6 Sell below 67.7, TGT66.6

Comex Copper (Sep):
Last 2.5525 Buy 2.54, TGT 2.57 Other entry points: Sell 2.57, Buy 2.49

ENJOY TRADING !!!!

VIEWS FOR 27TH JULY 2009

MCX Gold August: Daily chart suggests that while staying above 14679 it is more inclined to rise towards 15101. A push above 15164 could open the way for next level at 15414/15429. Overall the outlook is bullish. Supports are around 14773/14804 & 14710. It has to fall below 14663 to suggest that it could decline further towards 14552 or even 14476.

MCX Silver September: Important support is at 22075. As long as this support holds we can expect a test of 22870 or even higher towards 23226. Direct fall below 22075 to lead to a corrective fall towards 21653 or even lower. S1: 22200 S2: 22000 R1: 22630 R2: 22850

MCX Copper August : Rise above 268- 270 to extend further towards 274- 276 levels. However, fall below 262 - 264 zone to lead into a corrective decline towards 258 followed by 250. S1: 265 S2: 262 R1: 273 R2: 276

MCX Crude Oil August : Chart is bullish for a rise towards 3365. Ideally it should start a pullback from there towards 3224. If it crosses above 3392 it could turn more bullish for next levels at 3474 or even 3527. Supports are near 3262 & 3234. It has to fall below 3195 to hint at the possibility of failure of this view. S1: 3230 S2: 3170 R1: 3320 R2: 3360

MCX Lead July : Rallies to 84.50 – 84.70 to find resistance for a move lower towards 83.0 – 82.8 levels. A rise above 85.10 levels to raise doubts about this view . S1: 83.50 S2: 82.70 R1: 84.20 R2: 85.20

MCX Zinc July: Rallies to 81.25 – 81.50 to find resistance for a move lower towards 79.5 – 79.8 levels. A rise above 82.10 levels to raise doubts about this view. S1: 79.75 S2: 78.60 R1: 81.50 R2: 82.60

GOLD MCX AUGUST ::

Traders can hold long positions with a stop loss of 14865.
Traders holding long position can take profit on rise to 14908-14938 as the opportunity arise.
Re-enter long on rise and close above 14993.
On fall and close below 14865, a retracement of the rise from 14421 to 14993 could be witnessed.
If that happens then expect a slide towards 14776-14708 range at least and may be to an outer extent to 14639 depending on the movement on the downside.
Traders can trade long on rise and close above 14993.

SILVER MCX SEPTEMBER ::

Traders can hold long positions with a stop loss of 22332.
Traders can buy on rise and close above 22579 with low of the day stop loss or 22332 whichever is lower at the point of breakout.
Subsequently, expect a rise towards 22651 as the opportunity arises.
A breakout above 22579 can take the price higher towards the upper channel line and 61.8% speed line marked on the chart which is around 22857.

GOLD SPOT INTERNATIONAL ::

A breakout and close above 957$ can take the price higher.
Traders who are short need to maintain a stop loss of 957$.
A fall and close below 944$ can confirm a near term minor correction or fall to test down the low of 904$.
If the fall below 944$ is witnessed then expect retracement of the rise from 904$ to 957$ at least if no the fall down to 904$.
The retracement levels are placed at 937$-931$-924$.

INTERNATIONAL SPOT SILVER ::

Traders can hold long positions with a stop loss of 13.60$.
On sustained rise above 13.90$, can take Silver towards the 50% retracement level which is at 14.32$.
Sell on fall and close below 13.60$ with high of the day stop loss at the point of breakdown.

HG COPPER COMEX ::

Resistance will be at 254$.
Traders holding long positions in COMEX can observe s top loss of 243$.
Expect a rise towards 276$ in days to come.

VIEWS FOR 15TH JULY 2009

MCX Gold August: Initial resistance is at 14687-14700 followed by 14751- 14766.Supports are at 14608 followed by 14529.Favored view expects test of resistance levels while above 14529. Could even extend to 14798- 14814 levels.S1: 14550 S2: 14450 R1: 14760 R2: 14870

MCX Silver September: Resistance is at 21817 followed by 21984. Possibility exists for a run towards 22419 as long as 21604 holds. Fall below 21065 to dent our bullish expectations.S1: 21370 S2: 21200 R1: 21780 R2: 21950

MCX Copper August : Headed towards 254- 255 being an important resistance level. It is likely that we see a corrective dip from there.Supports are at 244 followed by 241.5. S1: 243 S2: 239 R1: 250 R2: 253

MCX Crude Oil August : Important support is at 2975 now. Fall below this level to postpone the bullishness. Supports are at 2975 followed by 2956.Ideally, supports to hold for a rally towards 3124 or even higher. fall below 2950 to dent our bullish expectations.S1: 2945 S2: 2920 R1: 3030 R2: 3060

MCX Zinc July: While above 71.20 levels expect prices to target 74.30/74.65 levels.Only a fall below 71.20 to negate bullishness. S1: 71.4 S2: 70.30 R1: 73.5 R2: 74.5

MCX Lead July : Dips to 76.70 to find support for a move higher towards 78.60 levels.Fall below 75.75 to negate this bullish view. S1: 76.0 S2: 75.00 R1: 78.00 R2: 79.00

MCX Nickel July : Dips to 748/744 to find support for a move higher towards 770 levels . A fall below 730 to raise doubts. S1:744 S2:732 R1: 768 R2: 780

MCX Natural Gas August : Dips to 174/171 to find support for a move higher towards 182 levels.Fall below 169 to negate bullishness .S1: 173 S2: 168 R1: 179 R2: 183

MCX Mentha Oil July: - Oversold indicators indicate a likelihood of correction. S1:- 478 S2:- 473 R1:- 487 R2:- 495

TRADING STRATEGY ::

GOLD MCX AUGUST ::

The trend is up.
Corrective dips to Rs. 14637 – 14585 can be used for buying with stop loss placed at Rs. 14566.
Expect a rise towards Rs. 14709 – 14761.
Add more on breakout and close above Rs. 14823.
As the trend is up, intra-day traders can wait for a fall below Rs. 14637 and when it rises above Rs. 14637, then buy with whatever low registered below Rs. 14637 as a stop loss. Subsequently, book profits at Rs. 14709 – Rs. 14761 range or above.