GOLD
for the day buy only abv 12840 & more abv 12875 S/L 12815 and T/p 12950-13000 in coming days OR buy ard 12525-30 S/L 12520 and T/p 12590-600/ 12650 (any time close above 12875 bullish while close below 102375/12150/ 11875/11575-475/11300/10950-900/ 10500/10050/9850/9575 bearish for medium term)
SILVER
book profit on buy abv 26650, for the day buy ard 25240-50 S/L 25200 and T/p 25500-700/25900 OR buy abv 26300 S/L 26225 and T/p 26400-475 upto 26650, sustain abv 27150 seen new rally (any time close below 24850/ 23090/21990/ 21250/ 20150/19390/ 18600-250/17850 bearish rally while close above 27150 bullish for medium term)
CRUDE
book profit on buy abv 4200, for the day buy only abv 4240-50 S/L 4220 and T/p 4280-4300 atleast OR 4095-4100 S/L 4090 and T/p 4130-55/4170 (now crude need to close above 4250 for bullish rally while close below 4000/ 3925/ 3840/3790/3635-3590/3475/3395/3350/ 3090/2810 bearish for medium term)
COPPER
book profit on buy last, for the day buy ard 339.5-340 S/L 339 and T/p 341.5/ 343.5 upto 346 OR buy abv 350 S/L 348.5 and T/p 351.5-353/354/sustain abv test 359-60 atleast in coming days upto 365 (upside strong rally only on close above 351 while close below 333.5/321/311-303/281/267.5/254.5/ 235 bearish for medium term)
MCXAARUN
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Friday, March 7, 2008
IMPORTANT CHARTS
This is comex gold day chart, that triangels are very important,
upper triangel says 989.40$ is the good resist if break & close above this level 1004&1008$ chance to come, but US is the key market if itz just break in US 1000$ surely come,
at the same time we should caution about support, itz in 962.50$, if itz break & close chance upto 944$/913$ in this month
alt=""id="BLOGGER_PHOTO_ID_5174859402434668946" />
MCXARUN
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upper triangel says 989.40$ is the good resist if break & close above this level 1004&1008$ chance to come, but US is the key market if itz just break in US 1000$ surely come,
at the same time we should caution about support, itz in 962.50$, if itz break & close chance upto 944$/913$ in this month
alt=""id="BLOGGER_PHOTO_ID_5174859402434668946" />MCXARUN
9994500540
ENERGY INTRADAY
Energy Mar 07, 2008
Major Headline:
· Oil prices steadied Thursday after nearing a record $106 a barrel as investors reacted to a surprise drop in U.S. crude supplies and the dollar struck new lows against the euro.
· Also supporting prices was an OPEC decision not to boost output and rising tensions on Venezuela's border.
· Earlier this week, oil prices broke the previous inflation-adjusted price record of $103.76, set in 1980 during the Iran hostage crisis.
· Most analysts had expected the U.S. Energy Department's Energy Information Administration to report oil stocks rose last week for the eighth straight time. Instead, the stocks fell 3.1 million barrels.
· In Vienna, the Organization of Petroleum Exporting Countries said Wednesday it would hold production levels steady, at least for now. OPEC ministers cited falling demand in announcing their decision to hold production steady.
· The EIA report and OPEC announcement fed a new frenzy of investing in oil futures, which have risen to new inflation-adjusted records this week as the falling dollar drew investors to the market.
· The dollar, meanwhile, fell to a new low against the euro, with the EU's shared currency climbing to $1.5370 after the European Central Bank and the Bank of England left their benchmark interest rates unchanged. The euro set its previous high mark of $1.5302 on Wednesday.
· Analysts noted that U.S. oil inventories are at historical highs despite last week's decline in crude supplies. Meanwhile, demand for gasoline is falling, and several forecasters have cut their oil demand growth predictions for this year.
· Traders also worried about escalating tensions between oil producing countries in Latin America. Following a weekend attack by Colombia on leftist rebels in neighboring Ecuador, Venezuela moved tanks and soldiers to the Colombian border. Ecuador said Monday it had sent 3,200 soldiers to its border with Colombia.
Weekly Inventory Update:
· The U.S. Department of Energy said that underground supplies of natural gas were down 135 billion cubic feet to 1.484 trillion cubic feet. Supplies are now down 10% from a year ago. May natural gas is steady.
MCX Crude Oil March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Crude Oil March: Buy at 4185 Target 4280 and 4320 Stop loss at 4155
MCX Natural gas March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Natural Gas March: Buy at 390 Target 397 and 406 Stop loss 386.50
MCXARUN
9994500540
BASEMETALS INTRADAY
Base Metals Mar 07, 2008
Important US Data Released:
· The National Association of Realtors said that its index of pending home sales was unchanged in January and down 19.6% from a year ago. The December eurodollars are steady to higher.
Major Headline
Copper was little changed after topping more than $4 a pound, the highest since its record in May 2006, on concern demand will outstrip production of the metal used in pipes and wires.
Copper has surged 31 percent this year as China increased purchases and investors snapped up commodities as a hedge against accelerating inflation. Inventories monitored by the London Metal Exchange have tumbled more than 30 percent in 2008, dropping 1.7 percent today to 135,800 metric tons.
The UBS Bloomberg Constant Maturity Commodity Index of 26 futures contracts jumped as much as 44.6975, or 3 percent, to 1,552.328 yesterday, as oil, gold and corn rose to their highest ever on expectations the U.S. Federal Reserve will further cut borrowing costs and drive the dollar lower.
Nickel added as much as 5.2 percent to $35,150 a ton, the highest since September, and traded at $34,875 a ton at the same time, as BHP Billiton Ltd's nickel mine workers in Columbia remain on strike.
Aluminum Corp. of China Ltd., the nation's biggest producer of the metal, said its smelters in the southern province of Guizhou have resumed operation at 10 percent of production capacity. The company's smelting operations were halted on Jan. 23, and restarted on Feb. 13.
Chambishi Copper Smelter Plc, a unit of China Nonferrous Mining Development Group Co., dismissed more than 400 striking workers for ``riotous behavior'' following a two-day protest over pay and working conditions.
The workers have been given three days to show why they shouldn't be dismissed, Albert Mando, secretary-general of the National Union of Miners and Allied Workers, said in an interview yesterday from Chambishi, 420 kilometers (261 miles) north of the capital, Lusaka. The action was taken while the union is still negotiating with management, he said.
LME Inventory update (6 March, 2008)
COPPER -2350
ALUM. -1900
ZINC -175
NICKEL -36
LEAD -275
TIN +15
MCX Copper April
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Copper April: Buy at 341 Target 347 and 352 Stop loss at 338.50
MCX Zinc March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Zinc March:
MCX Nickel March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Nickel March:
Buy at 1300 Target 1330 and 1355 Stop loss 1275
MCX Lead Feb
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Lead March:
Buy at 129.80 Target 133 and 135 Stop loss 126.80
MCXARUN
9994500540
Important US Data Released:
· The National Association of Realtors said that its index of pending home sales was unchanged in January and down 19.6% from a year ago. The December eurodollars are steady to higher.
Major Headline
Copper was little changed after topping more than $4 a pound, the highest since its record in May 2006, on concern demand will outstrip production of the metal used in pipes and wires.
Copper has surged 31 percent this year as China increased purchases and investors snapped up commodities as a hedge against accelerating inflation. Inventories monitored by the London Metal Exchange have tumbled more than 30 percent in 2008, dropping 1.7 percent today to 135,800 metric tons.
The UBS Bloomberg Constant Maturity Commodity Index of 26 futures contracts jumped as much as 44.6975, or 3 percent, to 1,552.328 yesterday, as oil, gold and corn rose to their highest ever on expectations the U.S. Federal Reserve will further cut borrowing costs and drive the dollar lower.
Nickel added as much as 5.2 percent to $35,150 a ton, the highest since September, and traded at $34,875 a ton at the same time, as BHP Billiton Ltd's nickel mine workers in Columbia remain on strike.
Aluminum Corp. of China Ltd., the nation's biggest producer of the metal, said its smelters in the southern province of Guizhou have resumed operation at 10 percent of production capacity. The company's smelting operations were halted on Jan. 23, and restarted on Feb. 13.
Chambishi Copper Smelter Plc, a unit of China Nonferrous Mining Development Group Co., dismissed more than 400 striking workers for ``riotous behavior'' following a two-day protest over pay and working conditions.
The workers have been given three days to show why they shouldn't be dismissed, Albert Mando, secretary-general of the National Union of Miners and Allied Workers, said in an interview yesterday from Chambishi, 420 kilometers (261 miles) north of the capital, Lusaka. The action was taken while the union is still negotiating with management, he said.
LME Inventory update (6 March, 2008)
COPPER -2350
ALUM. -1900
ZINC -175
NICKEL -36
LEAD -275
TIN +15
MCX Copper April
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Copper April: Buy at 341 Target 347 and 352 Stop loss at 338.50
MCX Zinc March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Zinc March:
MCX Nickel March
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Nickel March:
Buy at 1300 Target 1330 and 1355 Stop loss 1275
MCX Lead Feb
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Lead March:
Buy at 129.80 Target 133 and 135 Stop loss 126.80
MCXARUN
9994500540
BULLION INTRADAY
· Gold rose to a record in Comex and MCX as the dollar fell to the lowest ever against the euro, spurring some investors to buy the metal as an alternative investment to stocks and bonds.
· The euro rose to a record against the dollar after European Central Bank President Jean-Claude Trichet said there is ``strong upward pressure on inflation,'' signaling he's in no hurry to cut interest rates.
· The euro advanced to $1.5372, the highest level since the single currency's debut in 1999, before trading at $1.5365 by 2:12 p.m. in London, from $1.5265 yesterday in New York. It was at 158.57 yen, from 158.76 yesterday.
· The number of people filing new claims for unemployment insurance fell in the latest week while continuing claims for unemployment climbed to the highest level in over two years, the Labor Department said.
· The number of first-time claims filed in the week ending March 1 fell 24,000 to 351,000, below the 360,000 claims economists polled by Thomson's IFR Markets had expected on average.
· The European Central Bank has raised its forecasts for euro zone inflation to 2.9 pct from 2.5 pct in 2008 and 2.1 pct from 1.8 pct in 2009. Significantly, this means inflation will be above the ECB's medium-term target of a rate "below but close to" 2.0 pct in both this and next year.
· Inflation reached 3.2 pct in January and February, the highest level recorded since the launch of the euro. Meanwhile, the ECB cut its forecast for 2008 GDP growth to 1.7 pct from 2.0 pct and its projection for 2009 growth to 1.8 pct from 2.1 pct. The forecasts are the mid-point of ranges given by ECB president Jean-Claude Trichet at today's ECB news conference.
Indian Spot Bullion Market:
· .Spot market remain closed for the day on Maha shivRatri holiday all over India.
MCX Gold Apr
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Gold April: Buy at 12680 Target 12820 and 12900 Stop loss at 12665
MCX Silver May
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Silver May: Buy at 26250 Target 26700 and 26900 Stop loss at 26115
MCXARUN
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· The euro rose to a record against the dollar after European Central Bank President Jean-Claude Trichet said there is ``strong upward pressure on inflation,'' signaling he's in no hurry to cut interest rates.
· The euro advanced to $1.5372, the highest level since the single currency's debut in 1999, before trading at $1.5365 by 2:12 p.m. in London, from $1.5265 yesterday in New York. It was at 158.57 yen, from 158.76 yesterday.
· The number of people filing new claims for unemployment insurance fell in the latest week while continuing claims for unemployment climbed to the highest level in over two years, the Labor Department said.
· The number of first-time claims filed in the week ending March 1 fell 24,000 to 351,000, below the 360,000 claims economists polled by Thomson's IFR Markets had expected on average.
· The European Central Bank has raised its forecasts for euro zone inflation to 2.9 pct from 2.5 pct in 2008 and 2.1 pct from 1.8 pct in 2009. Significantly, this means inflation will be above the ECB's medium-term target of a rate "below but close to" 2.0 pct in both this and next year.
· Inflation reached 3.2 pct in January and February, the highest level recorded since the launch of the euro. Meanwhile, the ECB cut its forecast for 2008 GDP growth to 1.7 pct from 2.0 pct and its projection for 2009 growth to 1.8 pct from 2.1 pct. The forecasts are the mid-point of ranges given by ECB president Jean-Claude Trichet at today's ECB news conference.
Indian Spot Bullion Market:
· .Spot market remain closed for the day on Maha shivRatri holiday all over India.
MCX Gold Apr
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Gold April: Buy at 12680 Target 12820 and 12900 Stop loss at 12665
MCX Silver May
Technical Outlook:
Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Silver May: Buy at 26250 Target 26700 and 26900 Stop loss at 26115
MCXARUN
9994500540
Technicals – MCX (Intra day calls)
CRUDE OIL (March) BULLISH ABOVE 4192BEARISH BELOW 4175
GOLD (April) BULLISH ABOVE 12670 BEARISH BELOW 12630
SILVER (March) BULLISH ABOVE 26115 BEARISH BELOW 26010
COPPER (APRIL) BULLISH ABOVE 345 BEARISH BELOW 344
LEAD (MARCH) BULLISH ABOVE 130.70BEARISH BELOW 130.20
NICKEL (MARCH) BULLISH ABOVE 1346 BEARISH BELOW 1338
ZINC (MARH) BULLISH ABOVE 111 BEARISH BELOW 110.50
MCXARUN
9994500540
GOLD (April) BULLISH ABOVE 12670 BEARISH BELOW 12630
SILVER (March) BULLISH ABOVE 26115 BEARISH BELOW 26010
COPPER (APRIL) BULLISH ABOVE 345 BEARISH BELOW 344
LEAD (MARCH) BULLISH ABOVE 130.70BEARISH BELOW 130.20
NICKEL (MARCH) BULLISH ABOVE 1346 BEARISH BELOW 1338
ZINC (MARH) BULLISH ABOVE 111 BEARISH BELOW 110.50
MCXARUN
9994500540
out look
April gold posted an inside day with a lower close on Thursday as it consolidated some of Wednesday's rally. The mid-range
close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought and are turning bearish hinting that
a short-term top might be in or is near. Closes below the 20-day moving average crossing at 943.60 would confirm that a short-
term top has been posted. If March extends this month's rally, monthly resistance crossing at 1000.00 is the next upside target.
First resistance is Wednesday's high crossing at 995.20 then monthly resistance crossing at 1000.00. First support is the 10-day
moving average crossing at 965.80. Second support is the 20-day moving average crossing at 943.60.
May silver posted a downside reversal on Thursday as it consolidated some of this year's rally. The low-range close sets the
stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning bearish hinting that a
pause or setback is possible near-term. Closes below the 20-day moving average crossing at 18.505 are needed to confirm that a
short-term top has been posted. If May extends this winter's rally, monthly resistance crossing at 21.340 is the next upside
target. First resistance is today's high crossing at 21.325 then monthly resistance crossing at 21.340. First support is the 10-day
moving average crossing at 19.517 then the 20-day moving average crossing at 18.504.
May copper posted a downside reversal on Thursday as it consolidated some of this winter's rally. The low-range close sets the
stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought, diverging and are turning bearish hinting
that a short-term top might be in or is near. Closes below last Tuesday's low crossing at 368.50 are needed to confirm that a
short-term top has been posted. If May extends this winter's rally, weekly resistance crossing at 416.00 is the next upside target.
First resistance is today's high crossing at 402.40. Second resistance is weekly resistance crossing at 416.00. First support is
Wednesday's low crossing at 379.20. Second support is the 20-day moving average crossing at 373.56.
April crude oil closed higher on Thursday and posted a new all-time high as it extends this winter's rally. Profit taking tempered
early gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought,
diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving
average crossing at 98.13 are needed to confirm that a short-term top has been posted. If April extends this winter's rally above
January's high, upside targets will be hard to project now that April has traded into uncharted territory. First resistance is
today's high crossing at 105.97. First support is Tuesday's low crossing at 98.87. Second support is the 20-day moving average
crossing at 98.13.
April Henry natural gas closed slightly higher on Thursday and is challenging monthly resistance crossing at 9.820. The mid-
range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought but remain neutral signaling
that sideways to higher prices are possible near-term. If April extends this winter's rally, monthly resistance crossing at 10.185
is the next upside target. Closes below the reaction low crossing at 8.981 would confirm that a short-term top has been posted.
First resistance is today's high crossing at 9.876 then monthly resistance crossing at 10.185. First support is the 10-day moving
average crossing at 9.373. Second support is the reaction low crossing at 8.981.
MCXARUN
9994500540
close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought and are turning bearish hinting that
a short-term top might be in or is near. Closes below the 20-day moving average crossing at 943.60 would confirm that a short-
term top has been posted. If March extends this month's rally, monthly resistance crossing at 1000.00 is the next upside target.
First resistance is Wednesday's high crossing at 995.20 then monthly resistance crossing at 1000.00. First support is the 10-day
moving average crossing at 965.80. Second support is the 20-day moving average crossing at 943.60.
May silver posted a downside reversal on Thursday as it consolidated some of this year's rally. The low-range close sets the
stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning bearish hinting that a
pause or setback is possible near-term. Closes below the 20-day moving average crossing at 18.505 are needed to confirm that a
short-term top has been posted. If May extends this winter's rally, monthly resistance crossing at 21.340 is the next upside
target. First resistance is today's high crossing at 21.325 then monthly resistance crossing at 21.340. First support is the 10-day
moving average crossing at 19.517 then the 20-day moving average crossing at 18.504.
May copper posted a downside reversal on Thursday as it consolidated some of this winter's rally. The low-range close sets the
stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought, diverging and are turning bearish hinting
that a short-term top might be in or is near. Closes below last Tuesday's low crossing at 368.50 are needed to confirm that a
short-term top has been posted. If May extends this winter's rally, weekly resistance crossing at 416.00 is the next upside target.
First resistance is today's high crossing at 402.40. Second resistance is weekly resistance crossing at 416.00. First support is
Wednesday's low crossing at 379.20. Second support is the 20-day moving average crossing at 373.56.
April crude oil closed higher on Thursday and posted a new all-time high as it extends this winter's rally. Profit taking tempered
early gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought,
diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving
average crossing at 98.13 are needed to confirm that a short-term top has been posted. If April extends this winter's rally above
January's high, upside targets will be hard to project now that April has traded into uncharted territory. First resistance is
today's high crossing at 105.97. First support is Tuesday's low crossing at 98.87. Second support is the 20-day moving average
crossing at 98.13.
April Henry natural gas closed slightly higher on Thursday and is challenging monthly resistance crossing at 9.820. The mid-
range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought but remain neutral signaling
that sideways to higher prices are possible near-term. If April extends this winter's rally, monthly resistance crossing at 10.185
is the next upside target. Closes below the reaction low crossing at 8.981 would confirm that a short-term top has been posted.
First resistance is today's high crossing at 9.876 then monthly resistance crossing at 10.185. First support is the 10-day moving
average crossing at 9.373. Second support is the reaction low crossing at 8.981.
MCXARUN
9994500540
GENERAL MARKET CONDITIONS
Silver this week silver has been very volatile and it has tested the nerves of the day trader. Investors in silver need not worry. Fundamental bullishness and undervaluation will prevent silver from a major fall in the long run. The current volatility in silver will continue in the short term as most of the traders have experienced silver’s fall but they have seen such a huge rise. Therefore day traders are confused at higher levels. When they buy, silver prices fall and stop losses get hit. When they sell, silver rises and once again stop losses get hit. The best way to deal with it is to increase the stop loss and wait for the technical levels and if prices are near them, trade. Momentum trading may or may not work in silver.
Base metals took a knock down on margin pressures as hedge funds and private equity groups dealt with margin calls and mortgage lenders struggled with their financing. Prices fell in markets for mortgage backed securities and other asset backed debt. Credit default swap protection costs jumped for corporate debt, and swap spreads widened to record levels. The Carlyle Group has not been able to meet some margin calls and has received a notice of default. US stock markets fell over two percent as a result of the same. Funds reduced their longs in commodities and to meet margin calls in equity and debt markets. Unless there is a stability factor in US housing markets and US equity markets, volatility in metals markets will be exceptionally high and the Bull Run will continue.
It’s just a consolidation phase in gold and silver before the next move. Apart from the Fed most of key central bank meetings are over. Markets will be looking forward to the over hyped US February payroll numbers for direction.
SILVER -- MAY FUTURE -- INTRA DAY PIVOT $2120.0
Silver has to hold $1920 else it will fall to1860. On the higher side resistance at $2130 and $2196.0
MCXARUN
9994500540
Base metals took a knock down on margin pressures as hedge funds and private equity groups dealt with margin calls and mortgage lenders struggled with their financing. Prices fell in markets for mortgage backed securities and other asset backed debt. Credit default swap protection costs jumped for corporate debt, and swap spreads widened to record levels. The Carlyle Group has not been able to meet some margin calls and has received a notice of default. US stock markets fell over two percent as a result of the same. Funds reduced their longs in commodities and to meet margin calls in equity and debt markets. Unless there is a stability factor in US housing markets and US equity markets, volatility in metals markets will be exceptionally high and the Bull Run will continue.
It’s just a consolidation phase in gold and silver before the next move. Apart from the Fed most of key central bank meetings are over. Markets will be looking forward to the over hyped US February payroll numbers for direction.
SILVER -- MAY FUTURE -- INTRA DAY PIVOT $2120.0
Silver has to hold $1920 else it will fall to1860. On the higher side resistance at $2130 and $2196.0
MCXARUN
9994500540
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