comex gold outlook

Gold fell yesterday as the recovery in dollar after the Federal Reserve held interest rates steady at 2.0 percent rather than rate cuts and also sell off from nervous Investors to cover losses.

Dollar also supported by Bloomberg report that the Federal Reserve is considering a loan package to American International Group (AIG).

Fall in crude oil price also affected the gold pieces. Oil fell sharply yesterday amid mounting concern that continued turmoil in global financial markets will further weaken fuel demand.

At the same time according to the U.S. Labor Department, the consumer price index was down .1% in August and up 5.4% from a year ago, as expected. Excluding food and energy, prices were up .2% in August and up 2.5% from a year ago.

At the same time according to the report, the U.S. trade deficit swelled to $62.2 billion, the largest since March 2007, from an upwardly revised estimate of $58.84 billion in June. Wall Street analysts had forecast the deficit to expand to $58.0 billion from the original June tally of $56.8 billion.

According to the ministry of mining in Peru, a leading global metals exporter, production rise in July from the same month a year earlier.

Peru is the world's second largest producer of copper, zinc and fifth largest in gold. It leads the world in silver production.

According to the report from The National Association of Realtors, Pending Home Sales Index, based on contracts signed in July, was down 3.2 percent to 86.5 from an upwardly revised 89.4 in June.

International spot gold traded in the range $789.70
- $771.55a Troy Ounce and last quoted at $777.55.

Weekly Outlook (DG. OCT.)

More selling pressure expecting below $789.30 .Resistances are $798, $811, $820. Supports are $779, $772.20, and $745.if sustain above $820, expecting more uptrend

Last day DGCX Gold Dec. traded in the range $793.50– $776and closed at $782.10

TECHNICAL OUTLOOK (Intra-day)

GOLD (Dec) - Bullish above $786 bearish below $ 781

MCXARUN
9994500540

safe trade calls

GOLD

we book profit on buy abv 11710. Continue to view as long Resistance 11870 & 11950, down trend continue. for the day sell below 11660-650 S/L 11685 and T/p 11600-590/11555-535/ 11485 towards 11425 OR buy only abv 11875 S/L 11850 and T/p 11910-950/ upto 12025 (any time close above 11950/12680/12950/13550/13850 bullish while close below 11425/11125 bearish for medium term)


SILVER

PRICE TURN EXACT FROM OUR GIVEN RESISTANCE=18375 AS DAYS HIGH WAS 18374. book profit on sell below 19300/19050/18750-700, for the day sell only below 17775 S/L 17860 and T/p 17700-650/sustain close below 17650 test 17250-300 atleast/towards 17100 in coming days OR sell ard 18200-210 S/L 18225 and T/p 18100-18050 upto 18000, only sustain above 18525 uptrend again (any time close below 17650/17100 bearish rally while close above 18800/19750-20200/20850/ 22150/25250/26350/27475/ 28000 bullish for medium term)


CRUDE

Crude oil Inventory schedule to release today. THIS WAS OUR WORDS YESTERDAY "sustain below 4390 test 4330-4300 atleast" ACHIEVED AS DAYS LOW WAS 4251. Continue to view as long Resistance 4450 & 4610, down trend continue. for the day sell only below 4250 S/L 4280 and T/p 4215-4190/upto 4150 OR sell ard 4438-40 S/L 4450 and T/p 4400/4350. (now crude need to close above 4610/4920/5305/ 5460 for bullish rally while close below 4250/3960 bearish for medium term)


COPPER


PRICE TURN EXACT FROM OUR GIVEN LEVEL ON BOTH SIDES. Continue to view as long Resistance of 321 & 326 down trend continue. book profit on sell below 319-318.5/314.5, for the day sell below 314 S/L 315.5 and T/p 313/311.75/310/below down rally OR sell ard 325.2-325.5 S/L 326 and T/p 323-21/319 (upside strong rally only on close above 327/339/351.25/360.5/ 387/398 while close below 303.5/289/ 265/251.5/235 bearish for medium term)


MCXARUN
9994500540

long view calls

COPPER
LIKELY TO TEST 295/288 WITH ANY BREAK & CLOSE BELOW 305 & 303, ONLY CLOSE ABOVE 339 UPTREND AGAIN(NOV)

ZINC
LIKELY TO TEST 91-92 WITH ANY BREAK & CLOSE ABOVE 87 AND CLOSE ABOVE 92.5 SEEN NEW UPRALLY, WHILE CLOSE BELOW 76.8 TEST 73.5/71, ONLY ABOVE 86 BULLISH RALLY (SEP)

NICKEL
LIKELY TO TEST 970-980/UPTO 1000 WITH ANY BREAK & CLOSE ABOVE 945, WHILE CLOSE BELOW 829 TEST 800 ATLEAST(SEP)

LEAD
LIKELY TO TEST 74-75 TOWARDS 72 WITH ANY BREAK & CLOSE BELOW 79.5, WHILE ONLY CLOSE ABOVE 93.5 & 99-100 SEEN BULLISH RALLY SHARP (SEP)

ALUMINUM
LIKELY TO TEST 128-29 UPTO 132 WITH ANY BREAK & CLOSE ABOVE 124, WHILE CLOSE BELOW 115.5 TEST 113, BELOW DOWN RALLY (SEP)

NAT GAS
LIKELY TO TEST 405-420 WITH ANY BREAK & CLOSE ABOVE 385, WHILE CLOSE BELOW 314.5 TEST 300 ATLEAST (SEP)

MCXARUN
9994500540

imporatant tecnical charts

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MCXARUN
9994500540