safe trade calls

GOLD

we book profit on buy abv 12375/12640/ 12900, for the day buy only abv 13000-13025 S/L 12975 and T/p 13100-150/ close abv 13050 towards 13300 in coming days OR buy ard 12630-35 S/L 12620 and T/p 12690-12730 (any time close above 12900-13050/13330/13510 bullish while close below 12150/11920/ 11775/11375/11200 bearish for medium term)


SILVER

for the day buy only abv 24975 S/L 24890 and T/p 25100-150/sustain abv towards 25500 in coming days OR buy ard 24300-310 S/L 24275 and T/p 12440/24550 (any time close below 24275/23525/23075/21825 bearish rally while close above 25150/25675/26900/ 28000 bullish for medium term)


CRUDE

as long support of 5975 & 5900 uptrend likely to continue. book profit on buy above 5945/6120, for the day buy abv 6150-6175 S/L 6130 and T/p 6200-6250 OR buy ard 5932-40 S/L 5925 and T/p 5975-90/upto 6035, fall below 5900 sharp correction expected (now crude need to close above 6175 for bullish rally while close below 5900/5635/5440/ 5215/5100/4415/3890 bearish for medium term)


COPPER


for the day buy only abv 369.5 S/L 368 and T/p 371-72/375 OR buy ard 358.5-359 S/L 358 and T/p 361 upto 365 (upside strong rally only on close above 369.5/383.5/398 while close below 351.5/339/331.5-330.5/326/311 bearish for medium term)

MCXARUN
9994500540

Market action in Gold, Oil continues

New York gold's last trading session of the month and the quarter ended with a small loss in the August contract and spot prices were quoted near $926 at last check after a rally that stopped short of $940 following small gains in the US dollar (up to near 72.50 on the index) and an evaporation of most of the early gains that crude oil exhibited in early going.

After climbing to new peaks above $143 black gold eased back to $140.75 retaining only a half dollar advance on the day. US military officials downplayed the potential for Iran to do anything significant in the Straits of Hormuz as far as oil flows are concerned, even if a pre-emptive US or Israeli strike befalls on its nuclear installations.

Stocks were fairly quiet, gaining less than 50 points on the day. Thus far, the month and quarter-end book squaring activity expected for the day has yielded less little in terms of volumes and volatility. Silver lost 6 cents to trade at $17.42 while platinum was still ahead $12 at $2054 (primarily on Lonmin's smelter repairs shutdown) but palladium lost $5 a5 $461 per ounce. The gold ETF made a rather lukewarm debut in Tokyo and will -for the time being- still remain a US institutional and geographic concentration phenomenon.

Dollar policy, interest rate trends, and energy markets unfolding remain at the epicenter of the mid-year markets' pivot points (as they have indeed pretty much dominated the headlines of the first half of 2008) and uncertainty is still part of the financial and market fabric as we head for the second half. The trio may range-trade for a short while yet, but course changes are very likely in the making as we cover the current action.

MCXARUN
9994500540

GENERAL MARKET CONDITIONS

Traders will be gearing for super Thursday. We have the European central bank meeting and US June non farm payrolls. They will be taking their positions accordingly. Thursdays close can set the trend for rest of July for all metals, energies and the US dollar. As crude oil prices rise we continue to hear voices all over. The US treasury secretary says that they believe in a stronger US dollar. I wonder whether its the same rhetoric as his predecessor John Snow. Whenever John Snow had his comments on reaffirming a stronger US dollar, the dollar index would start to fall in the past. Chinese premiere Wen Jiabao urged the United States to stabilize the dollar. These comments will continue till crude oil prices rise.

Commodities including all metals and energies are rising due to lack of alternate investments in developed markets. Global hedge funds including US state run pension funds are heavily invested in commodities. Global inventories are being manipulated. Fund managers are buying metals like copper, gold, silver and platinum and storing them in private warehouses. When most of the fund managers do the same then global inventories start to fall and these metals rise. This is happening. For commodity prices to fall two conditions must be met. (A) There has to new alternate sources of investments or equity markets rise (B) Global economic uncertainty must fade. Till then commodity prices will remain firm.

SILVER -- SEPTEMBER FUTURE

Silver targets $1930 and $2132 in July as long as $1585-$1600 zone holds on daily closing basis.

MCXARUN
9994500540