Gold MCX & comex medium term View

Gold MCX weekly Charts technical outlook

Gold made a lifetime High of 19198 Rupees in the first week of June 2010 , And Formed a Doji at top of charts on weekly which is Sign of short term reversal

Looking Closely at weekly Charts it almost reversed From top end of the Channel in which it has been trending Since of February 2009

Gold Initially in mid month of Feb made a high of 16036 And corrected to 13931 in Next 10 Weeks giving a correction of approx 13 % . Later on bounced back to Make a New high at 17650 and Corrected to 15950 in next 10 weeks correcting almost 10 % , the correction period both the time Lasted for 10 weeks
Now at current levels it has again reversed From top end of same channel and expecting it to take Support at bottom End of Channel which is near 17200 levels and almost indicating that it could be a approx 10 % correction if it follows same time sequence of correcting approx 10 % in 10 weeks From top which it made First week of June and Than we could expect targets of 17200 lvls around second week of august
RSI on weekly charts has Also Reversed From overbought Zone and point downwards currently placed at 65 zone

Week end Feb 15 2009 12th April 2009
16036- -13931 net Change --- 2105 Rs == ~ 13 %
correction Time Period ~ 10 Weeks

weekend 29 nov 2009 31st January 2010
17650—15950 net Change = 1700 ~ 10 %
correction Time Period ~ 10 Weeks

Week ended 6th June 2010 - 19198 -- ????? Expected target 17200 lvls
19198—17000 net change 2198 ~~~ Approx 11.5 % correction Expected by August Second week



Gold GC Comex

Gold Comex made a life time high of 1265 $ which was end of 5th wave of Complete up move which Started From medium term Low of 1044 $ made in Mid may of 2010 . Now is start of 3 wave corrective pattern Which would Open Downside targets of wave a till 1165 $ and than probably bounce back till 1230 $ lvls Which could be Wave B and than Final wave C ending at 1121 $

Note both the above views would be Negated if Comex Gold Crosses 1265 $ in short term Or MCX gold Closes above 19000 Rupees

Euro Short term 1.2610---1.2840 Possible

Gold Short term view

Gold Comex Yesterday Re-tested The Recent Double top High of 1251 $ which is now a triple top On daily Charts

A Strong Resistance to Cross Over-1251--1253 Zone
Closely looking at daily Charts it has also formed a Cup handle pattern Suggesting that breakout above 1251-1253 zone & sustained trading above Same Can take it to 1281 $--1312 $ In short term
Failure to Cross Over above 1251 and close above it for two days could negate the pattern. On Downside if Manages to Break 1227 $ it can lead to Re-test of Recent Lows Near 1205--1164 $ .
As Far as 1227 $ is held on closing basis Look to Trade on upside for targets of 1281 $--1312

Silver Short term view

askchirag.com : Silver view short term :

Everywhere People are Talking about the Massive Head & shoulder formation in Silver comex on daily charts which is a Bearish pattern and Silver Could Fall Down to 14.25 levels But technically speaking The massive breakdown Will come only If silver trades constantly below 18 $ and than breaks the important Support level of 17.05 $ (Neckline of head & shoulder pattern) , A Break below 17 $ will Confirm the above Pattern and open Downside targets till 14.25 $--but Contradicting to above pattern it has formed a massive Inverted head & shoulder pattern With Neckline near 18.75 $ , a break above Same can open upside targets till 19.8 $--21.44 $
So overall currently trading at 18.55 $ technically its in a neutral zone and next big move would Only happen if manges to close above 18.75 $ or break below 18 $ till than would be Range bound
Looking at RSI charts its constantly reversing From 40 Zone which generally tends to Happen in bullish phase So looking to Trade it more buy on dips till time 18.00 $ is not Broken

Short term Reco : Buy silver at 18.5 $ SL of 18 $ Look for 19.8 $--21.44 $

Crude Short term view

Crude Short term technical views

Crude made a low of 67 $ on 25th Way after falling From the cliff of triple tops made at 87.25 $ and Sharply bounced back to 75.6$ later Falling back to make a higher bottom at sub 70 levels and bounced back to 74 levels, breaking the short term Falling Trend Line Resistance . If in next Few Days Crude if manages to Cross over 75.6 $ than a medium term Bottom Could be in Place and on upside could give a sharp move to 79.5 & 81 $

Resistance Levels: 75.6 (short term top)—76.95 (50 % Retracement levels of complete Move From 87.25-67$)---79.5$(61.8- Retracement levels of complete Move From 87.25-67$)--- 81 $ ( a Higher top Above Short term top)

Supports Levels: 72.5 $ - Support From Falling trend line which was resistance before -69.3 $ short term Bottom

Looks like Crude is all Set for a Big Rally again till 81$ and 83.4 $, Looking to Trade it on upside with Stop Below 71 $ For and Look to Enter on Dips in Range of 73-74 $

On MCX if Crude Manges to Close above 3410 Can Slow and Steady Rise till 3640--3710 Lvls

MCX Supports Resistance Levels

Comex Gold : Trend Sideways Consolidation - Range Bound
Range: 1190--1220
Resistance Levels : 1220--1128-1236
Supports: 1190-1196-1204-1212

MCX gold : Double top @ 18850
Trend : Trend Sideways Consolidation - Range Bound
Resistance :18700-18850
Support: 18250-18333-18514

Comex Silver : Important Support at 17$
Trend : neutral
Trend Reversal levels 17.64 $
Trading levels : 1700-1717-1733-1741-1764

MCX Silver : Trend Sideways to Consolidation
Trend Reversal Bullish only abv 28700
Important Support at 27900 Below that weak
Trading levels : 27900-28050-28130-28264-28490-28700


Nymex Crude : Trend Buy on Dips
Trading Levls : 69.4-70.15-71.4-72.6
Important Resistance - 71.4 Above that Expect some short covering till 72.6

MCX crude : Trend Buy on Dips
Trading levels : 3340-3368-3391-3410
Important Resistance : 3410


BASE METALS

Copper : Trend Weak - Important Resistance 298 ,Close above same one can Expect Trend Reversal.
On downside 281 Important Support

Lead : Trend Weak - Highly oversold
Expecting Some value buying at lower levels Near 72-73 Zone , Resistance at 75 above which can expect Some short covering till 77.35
Trading levels : 72.5-73.4-74.6-75.3-76-77.35


Zinc : Trend Weak - Highly oversold
Expecting Some value buying at lower levels Near 75, Resistance at 76.8 Above which Can Expect Short covering till 79.8 levels
Trading levels: 75.3-76.1-76.8-78.4-79.8

Nickel : Trend weak - Oversold
Important Support near 800- 821 Levels , One Can look to Take Longs near those levels With Sl below 790 for Trading bounce back till 875 levels
Trading levels - 800-821-838-844-861-874-891

Crude Short term

Playing With Trendlines
Crude has Breached The Short-term trendline Support at 83 and tested the next Support at previous Bottom of 82.5 making a double bottom at that Same Place , Sustained Trading below Same Can Lead to Next Support Imp at 81.8 Below that Can Retest 79.8 * 77 $ Supports

Gold Inverted HEad & shoulders

Gold Inverted Head & shoulders , After fridays Selloff took Support near The neckline , Fresh Longs Can be taken with SL below 1110 Closing basis For upside tagrets of 1180--1209

Crude Short term view

Crude has formed a Hanging Man - Doji at top end of end of channel which is a whiplash near the top end of channel Resistance . Indicating that a Short Term top May be in place. Failure to Close abv 87 in next day or two Could drag it down to sub 82 lvls . The RSI has also Started pointing downwards again after Hitting the Overbought Zone

Reco : Short on Rise With SL above 87.3 with downsid etargets of 83.5 & 82


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