Gold Short term view 200909

(Click on the image to Have Enlarged proper view)

Gold edged higher to 1025.8 last week but lost upside momentum ahead of 1033.9 key resistances. With bearish divergence conditions in 4 hours MACD and RSI, a short term top might be in place. Initial bias is neutral this week and we'd expect some pull back towards 983.2 support. Nevertheless, downside should be contained by 61.8% retracement of 931.3 to 1025.8 at 967.4 and bring rally resumption. On the upside, while another rise might be seen, it now looks like 1033.9 key resistances will hold on first attempt and bring consolidations first.
Looking carefully at last week move which is first caution Sign for Bulls the weekly closing candle is DOJI clearly indicating a Indecisive Move Ahead. On the daily charts it has formed bearish engulfing pattern. The Continuous chart of 4 hours showing a Clear Candlestick bearish reversal pattern with a Shooting Star at the top. Looking at all the above condition and lead indicators which are widely the Next week Could Move in consolidation and Breach of previous week Low would Clearly Signal A Short term top in place. While some pull back might be seen in near term before decisive break of 1033.9, downside should be contained well above 931.3 support and bring rally resumption. However, note that a break of 931.3 dampen the bullish view and suggest that rise from 681 has completed. This will indicate indicate that such rise is merely part of the consolidation pattern that started at 1033.9.

Gold Supports & resistance For Next Week

Support at 996 --984--967

Resistance at 1012--1024-1033-1052-1084-1114--1129

Gold Short term technical view -

Gold Short term technical view : comex
Gold Short term view: Gold Closed down sharply below the 1000 $ mark, after making intraday High of 1007$. Profit Booking at current psychological level of 1000 Dollars cannot be ruled out as gold after consolidation for last weeks rallied Sharply and has reached this Crucial level again almost after six Months. Last time it made a High near this level was Exactly on February 20, 2009 making it a Double top on daily charts, Signally a Pause in the up-trend same time first caution Sign for the Bulls. Making 1007 $ now as very important Level Closely looking at the daily charts Can see a Nice inverted hammer - shooting star Formed at top Signally a pause in the current trend and the first caution Sign. The Reversal comes with Signals as Double top on daily charts, near the short term upward Trend line Resistance of Expanding triangle it was shaping up in last few weeks. Looking Closely at the Intraday 4 hour Chart which is widely followed, It made a good harami Reversal Exactly above the triangle breakout Level giving a False signal of buy near the top and reversed Sharply in the day to make New lows intraday .the Above all factors Shows that gold is Clearly loosening strength near the current Levels and Now will Face quite string Resistance at 1007-1012 mark , a breach above Same could upside up to 1033$ . As gold is now in the overbought zone which is indicated by the RSI on daily and Hourly charts any Rally on the upside above 1007 would mean shorts covering and nothing else. On the Downside if gold manages to Close below 984$ in a day or two would mean a confirmation of Short term possible top and could open possible Down side targets of 975$ & 955 $. Though Strong Support is Expected in zone of 928-942 $ , For Medium term . A close Below Same would open downside targets till 875 $

Trend Reversal levels: 984 $

Trend bias : Further Bullish Only above 1007 or else Sideways to down Possible

Next targets :975$-955$

(Reco:Note Those taking Fresh shorts at current level best possible SL is 1007 $ and Those Already long can Either Look to exit on Rise or maintain a trailling Stop Loss of 984 $)

Daily Technical view 040909

Comex Gold-GC : Reversed few Dollars just away from the psychological Level of 1000$, after making a Intraday High of 997$. A Strong up move has been Seen From 940$to 997$ , Expecting it face string Resistance in zone of 1004$ to 1008$ Range, Could Consolidate again a bit before Making new highsConsolidation Range : 974$-997$Trend Reversal Level: Close Below 963$Next target : 1004$

MCX gold : Gold prices Move dup sharply from sub 15000 Levels to 15800 Levels in weeks time , Some amazing strength. The Immediate Resistance Comes now near to 15916 & 16029 , Looking for it to be tested and could Consolidate also a bit before Same . Before Making Fresh moves Consolidation Range : 15500-15800 RangeNext target 16400

Comex Silver : tested the resistance of 16.22$ which was May Months high and again failed Same to close below 16.00$ , Would find Supports now at 15.65$ & 15.84 $ and Consolidate bit before making fresh Up moves for Possible target of 16.36-16.84Consolidation Range : 15.84-16.22 Next target : 16.36

MCX silver : Silver Prices managed to Surpass the Important resistance at 25650 and moved up sharply to make new high around 26250 Levels , Expecting it to consolidate a bit before any further fresh Moves , Supports now at 26101-25840Consolidation Range : 25760-26340Next target 27800 ( if closes above 26500)

Nymex Crude oil : Trading in indecisive to downwards bias Since past two days but managing to Close above 67.50$ , a Close Below same would Open downward targets till 64 $ and Move Past 70 $ again would open the possibilities of re test of recent high of 72.5$ & 73.46 $trend : sideways to Range bound

MCX crude oil : Managing to close above the crucial level of 3320 Since past few days after the sharp fall from 3510 , Need to wait and watch this is consolidation or halt before the next move starts or a Possible base building for a bounce again , weak below 3300 & intraday Bias turns Positive above 3400

Natural Gas Nymex : took Support Just above the first targets of 2.4$ as mentioned Earlier and closed sharply negative, would play in this small range now before Further making new Lows, on downside Strong Support at 2.41 & 2.355 $ close below Same could Open targets for physiological Levels of 2$

MCX natural gas : After the sharp Downfall intraday halted just above the Crucial Support level of 121, Would Play in small Range near this Zone 121-138, before Making fresh move. A close below 121 could open Downside Possible targets of 95

Base Metals MCX :
Copper is consolidating in Small Range of 298--313 Rupees , A Break On any side would indicate Further move

Lead strongest of all managed to cross above 110 opening upside possible targets of 114 & 120 in short term Reversal in trend if closes below 104

Nickel is looking weak with supports coming in at 882 & 866 Zone , a Close above 908 Would open upside target of 935 again on downside below 866-840

Zinc : zinc as been mangling to Stay above the important Support of 90 but not giving any fresh upside up move . A Move past 92.65 could open upside targets of 95- 98

Silver Technical Analysis Short term view

Silver Short Term view , Approching very important Resistance Zone

Silver Short Term view
Comex Silver: Silver Rallied quite sharply to retest the First Resistance zone of 16.22 which was high made in last week of May and Recent intermediate top. From where Silver fell Down to make a higher bottom at 12.50$ and again bounced back Sharply to re -test Same levels , Over the Short term once Silver Crosses 16.22$ it would be Entering the half unfilled gap which it had attempted to Fill in the month of may and Failed and this Second attempt on same . the Gap which is From 16.84$ to 15.44 $ created during downfall which started in August 2008 month, the Zone 16.22$ to 16.84 $ has Many intermediate Resistance in between which are very important once and can be a Strong resistance Zone firstly 16.35$ which is 61.8 % Fibonacci Retracements level of Complete Downward move Which Started From the top of 21.30$ to the lows of 8.44 $ . A Close above 16.36$ S Would clearly mean that the Complete correction from 21$ to 8.44 is Over and Silver again Ready to re-test the Recent highs and Even surpass Them in the medium term . Next Resistance in between is coming up from the trend line which is a Rising upward trend line connecting the Highs of gap made in August month to the May top which is Cuming around 16.4$ levels . So overall will have to Wait and Watch how Silver manages to trade in this Complete Resistance filled zone of 16.22$ to 16.84$ . A Firm close above 16.84$ would Mean that silver Is getting ready For Medium term bigger up move With Next possible targets at 17.8$ & 19.12$ in the near term . Looking at the lead indicators silver is currently at resistance Cuming from the weekly Bollinger band and On Daily charts has crossed the upper band with great Strength indicating that could soon get into a consolidation phase for few Days before making fresh up move or Next move. The RSI daily charts is near 74 almost approaching the upper end of Overbought Zone (Please note: a Stock or commodity Can continue it’s up move though the indicators are in overbought zone for Long time).The MACD is still in Buy sign Zone

Natural Gas updated view

Please Note : Writing This and No charts posted as getting Loads of Yahoo queries & please may i have Hymble request Do Not Call upon Cell phone For NG queries as i would Reply on Same written below , i Dont mean to be rude ..but my view Remains Same
.... i am Sorry
Close to First target of 2.41 mentioned before almost , will have to Wait and watch How it reacts in this Zone and Consolidates Here . To give the Next possible targets , a Close below 2.40 Would open 2.35--2.226 targets

MCX traders : My view Once Again : NG is continueing its Bearish trend , No Short term or Even intraday bottom Seen , any one taking Long would be just taking a high Risk with hopes of Some Short Covering or buying at Lower level which will pull it up ..but as if Now on Charts No Buying Sign visible ..or even a Intraday Bottom ...Requesting people to Follow Same and wait for Futher message ..Every one has Different buying price and If u ask Me best possible SL than it could be 121 Which indicated is Long term Support zone ..but that Doesnt mean Start taking longs with as SL too ...

Repeating on the Spread part again the Difference between October Contract and September is Increasing Evey Day ..Dont try and Buy September and Sell october the Spread is increasing From 38 bucks to 61 Now ..and i Dunno how much More it will increase or Reduce and why the Spread ...this is not a Arbitrage or hedge Which u can play ...

Silver Short term technical view 260809

Silver made a high of 24250 in second week Of august later on fall sharply downwards to 22500 which was strong medium term support to Bounce back sub 23400 level , the Complete retracement was in a form a Channel which has height of almost 650 Points . Looking at different possibilities over short term and Patterns visible

case a) medium term trend Shows that the retracement was in Form a channel and Now will face strong resistance in the Zone of 23600-23750 Zone, a strong momentum close above the said levels can open upside target of 23750+ 650(channel height) i.e. 24400 .

Case b) If unable to Cross the resistance of 23600-750 and falls back to re test the support near 23250 and a Breach below same would open possible Downside targets of 23250-650 (channel height) i.e. 22600 and Over larger trend Possible downside targets of 21850-22100 .. Possible Extension of Previous Move

Important Levels : 23210--23265 Zone Downside
23600-23750 upsdie
Chart analysis : case a) marked with pink arrows
case b) Marked With yellow arrows
Channel marked with blue Lines

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Technical view 260809

Comex gold : Comex gold has been trading still in the triangle in medium term which is range of 926 & 972 $ , a Breach on any Side Would signal the next possible trend. In the short term its been Hovering in Small range of 935 $ & 960$ , Suggest good Consolidation a Decisive break on Any side with good volumes will lead to further trend which can be there For next 3-4 weeks

MCX gold : Gold Has been lot whipsaws Recently trading in larger channel of 14800 & 15025 , and on intraday Basis Breaching Both the levels in currently week, but managing to Close again inside the range same Day , A clear close outside range of 14800 on downside would open targets till 14450 & on upside a close above 15065 Would Open target of 15350
Trend Analysis : Sideways Range boundGold : 14940-14970-15010-15035-15070 Trend (Range bound sideways)

Comex Silver : Comex Silver Re-tested the medium term Resistance in Zone of 14.45$ & 14.55$ , a Breakout above same would Mean the start of fresh new up trend After consolidation opening upside target of 14.86--15.05 Shorts Can be taken for Short term with Closing Sl at 14.55 , with Again downside targets of 14.02--13.85 levels

MCX silver : Silver Will Face stiff resistance in the zone of 23500-23550 , a breakout above same with good volumes can open upside target of 23800-23940. Avoid Fresh long unless 23550 is taken off with volumes. on the downside supports are Seen at 23289-23210-23040
Trend analysis Silver: 23525 Important resistance Above that 23685, Support 23289-23210-23040 (buy only if sustains above 23525)

Crude oil Nymex : Crude corrected sharply From higher levels of 74.86 $ to close below 72$ , the intermediate support is seen at 70.45$ where traders can again look to buy with SL below 69.55 , On upside will face Resistance at 72.45$ & 73.80$ again
Trend Analysis : Buy on Dips till 69$ is held on closing basis

MCX crude : Crude oil will Find Support in range of 3432 levels Which is important Support level , below Which trend will reverse on upside Resistance is Seen at 3565 & 3600 , A firm Close above 3630 Will open upward targets of 3780Trend Analysis : Buy on Dips till 3420 is held on closing basis

Natural gas Nymex : Natural gas after bouncing of little From the oversold region is trading in a Bullish flag more on Sideways near the zone of 3.20 $ , a Move 3.385 Would open upside target of 3.68$ . on downside supports at 3.01 & 2.80 are Seen , Re-test Of recent lows Cant be ruled Out. On upside Strong resistance is seen at 3.530 & 3.65 levels is seen

MCX natural gas : Natural gas Price Bounced of from recent lows of 155, the oversold zone to test the first resistance at 165 , And Retracted back to consolidate again in range of 159 & 162 , on upside Breach of 165 would open targets till 172--174, On downside supports seen at 155-158

Base metals Levels :
Nickel : 927--931-938-946-954-968
copper 311.35-309.3-308.5-306.5
Lead :100.2-99.5-98.65-98
Zinc : 90-89.4-88.6-8T

Crude oil Technical view 260809

Crude oil has been Moving in a Rising wedge Since the upmove from 63 $ to 75 $ , currently the supports are coming in at 70.65 $ , where Short term traders can Look to long again with SL below 69.50 % for target of 74 $ again . A close below 69.50 $ would mean that the upmove from 63$ to 75 $ has completed and the commodity could correct & retrace back to next intermediate support aroudn 67.3 $ and Below that re-test the short term Lows again . On upsdie It will find String resistance at 72.45 $ and above that at 73.86$--75$ ,

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


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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 $