Friday, August 21, 2009

Gold Range Trade - Technical channel breakout

Gold breaking out of a Channel , above 15025 an upside of 180 bucks can be trades With SL just below 15000

Technical view 210809

MCX Gold: Gold Prices have Been Range Bound to Downwards for the week heading from upper end of the resistance Channel at 15010 Levels to Lower Support End at 14825 levels
The prices more or less Seems to Trade in Very Small Range mainly effected by the Currency Movement.
Trend Analysis: Range Bound - Sideways

Comex Gold: Trading in sub due Range of 940$, Comex gold has Been In very Small range of 15$ for complete week as if now. As Indicated before Finding Resistance at crucial resistance zone of 948$ and supports on down side Range of 932$ below which Next Support is at 925$
Trend Analysis: Range Bound - Sideways

MCX Silver: Silver prices Edged Lower for the week and took Support at medium term Support zone of 22500 and Bounced back from there to trade in median Range of 22700-22900 Levels
Strategy Still Remains of buys on dips Side to trade Silver So far as 22500 Medium term Support is held on closing basis. Positive Divergence is seen on indicators Which Suggest a Sharp pull back due to Short covering or Fresh buying near Supports Cant be Ruled Out
Trend Analysis: buy on Dips

Comex Silver: Silver prices dropped below the crucial level of 14.17$ to immediately test the second short term Support at 13.54$, and Re bounced back to test the psychological level of 14$ again. 13.54--13.20$ is good Support zone with multiple supports in range, Fresh buying Can be initiated for medium target of 15 $ again.
Trend Analysis: Buy on dips With SL below 13.20$ closing basis

MCX Crude oil: Crude oil Prices gave a fresh breakout to move higher towards the 3620 mark, the previous Resistance at 3475-3510 Will now act as a good Support on medium term, A retest of the Following level cant be ruled out and fresh Long positions can be created near these levels For new Highs, trend reversal only if manages to close below 3425
Trend Analysis: Bullish

NYMEX crude oil (Sep contract) : Crude oil Prices Moved Higher to Make a new high of 74$ finally breaking out the crucial Resistance zone of 73.46$ ,on upside open chances for re test of possible targets of 75$ & 76.5 $ on short term, supports will come in at 72$ & 70.17 $
Trend analysis: Bullish

MCX Copper : Copper prices have been finding Support Near 292 Zone and on upside Resistance at 301 Level and been trading the same Range For last few days, Fresh Shorts Can be initiated Only if manages to Close below 289.5 Levels for further downside targets of 274.till keep trading in the range
Trend Analysis: Sideways to Down

Comex Copper : Copper Prices have been getting good Support in the range of 271$ , managed to test Same many time in intraday But failed to Close below Indicating strength and Fresh buying coming in the same level. Shorts may be Created only on breach these Levels On closing basis. On upside Resistance at 281$ & 285 $