zinc intraday

Zinc yesterday we have seen that market has moved -2.31%. Market has opened at 82.45 & made a low of 79.95 versus the day high of 83. The total volume for the day was at 5929 lots and the open interest was at 5424.Now support for the zinc is seen at 79.2 and below could see a test of 78.05. Resistance is now likely to be seen at 82.25, a move above could see prices testing 84.15.

Trading Idea

TRADING RANGE IS 78.00-85.00.
A DIP TODAY TILL 76-77 LOOK TO BUY FOR TGT 79-80. LEVEL
BUY ZINC ABV 81.20 SL 80.40 TGT 82-83.40-84.60. MCX
IMP SUPPORT IS 79.40 LEVEL SPREAD IS BEST IN JULY AND AUG

MCXARUN
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nickel intraday

Yesterday the LME nickel stock was -234 against the previous of 978 Nickel has touched a low of Rs 786.4 a kg after opening at Rs .818.1, and last traded at Rs 788.9.For today market is looking for the support at 776.00, a break below could see a test of 763.00 and where as resistance is now likely to be seen at 812.00, a move above could see prices testing 836.00.

Trading Ideas

SELL NICKEL AUG @ 800-810 SL 823 TGT 780-765-740. MCX
REMEMBER AFTER EXPIRTY NICKLE TARGET IS 680 ON MCX
A GOOD RECOVERY CAN BE SEEN IN THE MARKET.

MCXARUN
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copper intraday

Yesterday the LME copper was 675mt against the previous of 2575mt. Copper has touched a low of Rs 335.4 a kg after opening at Rs 340.95, and last traded at Rs337.4.For today market is looking for the support at 334.6, a break below could see a test of 331.8 and where as resistance is now likely to be seen at 341, a move above could see prices testing 344.6.

Trading Ideas

TRADING RANGE IS 331.80-344.60.
SELL COPPER @ 339-340 SL 342.60 TGT 337.60-336.80-334.50. MCX
IMP RANGE IS 332-342 LEVEL


MCXARUN
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mcx crude intraday

Crude oil traded near the lowest in 12 weeks on speculation gasoline demand growth in Asia and the U.S. may slow after near-record prices reduced consumption. Now support for the crude is seen at 5088 and below could see a test of 4996. Resistance is now likely to be seen at 5319, a move above could see prices testing 5458.

Trading Ideas

TRADING RANGE IS 4990-5450.
SELL CRUDE ONLY BELOW 120$ YESTERDAY LOW WAS 120.54$
SELL CRUDE @ 5240-5260 SL 5286 TGT 5200-5178-5145-5100. MCX
SELL CRUDE BELOW 5100 FOR TGT 4860-4800 LEVEL.
EXPECTED INVENTORY TODAY IS -1.2M AGAINST -1.6M.


MCXARUN
9994500540

NYMEX crude intraday

Oil could not sustain Monday’s gains, and fell to $120-levels in NYMEX, the lowest in more than a month.

Light, sweet crude oil for September delivery in the New York Mercantile Exchange traded in the range $125.85 - $120.42, before settling at $121.80 a barrel.

In market influencing news, the President of OPEC Chakib Khelil called oil prices abnormal and said they could pull back to $80 a barrel over the long term if the dollar were to continue to recover and global political worries eased.

Traders are awaiting Wednesday’s EIA report for update on US oil inventories.

Fresh attacks on Nigerian pipelines and comments by Iran's president raised concerns over global oil supplies had lifted the prices above $125 a barrel on Monday.

The President of Iran Mahmoud Ahmadinejad reportedly said that Iran has more than 5,000 active centrifuges for enriching uranium, keeping the focus on geopolitical concerns. The two-week deadline from world powers for Iran to give a final answer on its nuclear plans will end on Saturday.

A Nigerian militant group claimed on Monday to have attacked a couple of pipelines owned by Royal Dutch Shell.

Oil price had retreated from record high levels in the previous two weeks, weighed down by concerns that slowing economic growth might dampen oil demand. Easing of storm threat also added to the pressure. Tropical Storm Dolly did not have a major impact on oil and natural gas operations in the Gulf of Mexico. Early this month, OPEC had downwardly revised the world oil-demand growth for 2008 and 2009.

OPEC in its latest monthly report had lowered its forecast for world oil-demand growth for 2008 to 1.03 million barrels a day, which represents a decline of 70,000 barrels from its previous estimate. Global oil demand this year is expected to average 86.81 million barrels a day.

Oil price had touched an all-time high of $147.27 a barrel on 11th July but has corrected from there in the succeeding weeks.

Iran reportedly test fired a number of missiles in the second week of July, including a long-range missile capable of striking Israel, sending a defiant message to the West and strengthening the view that Iran has no intentions of halting its uranium enrichment programme.

The Group of Eight leaders from Britain, Canada, France, Germany, Italy, Japan, Russia and the United States had warned that soaring oil and food prices pose a serious challenge to stable worldwide economic growth. They also called for diversifying sources of energy and further efforts to improve energy efficiency.

Potential supply threats due to geo-political tensions and the Atlantic hurricane season also continue to underpin oil prices.

Weekly Outlook (Crude oil NYMEX)

Continuation of weakness expected below $119.80. Supports are $116.00, $110.00, $105.00. Otherwise expecting recovery; resistances $126.40, $132.00, $139.00.

DWTI (Aug) traded in the range $125.65 - $120.50 and closed at $122.19 ($124.73).

TECHNICAL OUTLOOK (Intra-day)

DGCX Crude (Aug) - Bullish above $122.80; bearish below $122.20

MCXARUN
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comex gold intraday

International spot gold traded in the range $933.00 - $913.80 a Troy Ounce and last quoted at $916.85 ($929.90).

The greenback found support in decreasing oil and a Conference Board report that showed a rise in US consumer confidence in July, to 51.9 from a June reading that was revised to 51.0 from a prior estimate of 50.4.

But housing sector worries remained, as Standard & Poor's Case-Shiller home price index revealed that home prices in 20 major US cities have fallen a record 15.8% in the past year, and fell 1% in May compared with April.

Federal Reserve Board Governor Frederic Mishkin had said Monday that recent adverse shocks to the economy - including the financial market turmoil and the sharp increase in the price of oil - may affect the economy for longer than the next three years.

Meanwhile, the US Senate cleared a bill designed to prop up the struggling US housing market and rescue the struggling giant mortgage-buyers Fannie Mae and Freddie Mac on Saturday. The bill includes billions of dollars in loan guarantees, a tax break for first-time homebuyers and many other provisions.

However worries remained as two more US banks were shut down by federal regulators late Friday, bringing the number of bank failures so far this year to seven.

Dollar had drifted lower on Friday after a report from Commerce Department showed US new home sales in US fell 0.6 % in June, the second straight monthly decline, to a seasonally adjusted annual rate of 530,000.

Among US data released on Thursday, initial claims for unemployment benefits increased by 34,000 to stand at 406,000 for the week ended July 19, according to the US Labor Department.

The National Association of Realtors reported a 2.6% fall in US existing home sales in June to a seasonally adjusted annual rate of 4.86 million, the lowest level in 10 years.

The Federal Reserve's Beige Book report of economic conditions last week showed price pressures were intensifying even as growth slowed over the past month.

The US Labor Department reported that the nation’s Consumer Price Index rose 1.1 % in June to an annual pace of 5.0%, underscoring the Fed concerns about rising inflation and sluggish growth.

Meanwhile, the US trade gap narrowed unexpectedly in May. The US Commerce Department reported a 1.2 % decrease in trade deficit in May to $59.8 billion deficit from the revised $60.5 billion in April.

The US Commerce Department in its final revision to GDP estimates said that the economy grew at a slightly faster pace in the first quarter than originally reported. Real GDP was revised to a 1.0% annual rate in the first three months of the year, up from an originally reported reading of 0.9%.

The recent data from various sectors in the US have given rather mixed hints regarding the economy.

Weekly Outlook (Spot Gold)

Recovery expected above $936.60. Resistances are $943, $950, $959; supports $923, $915, $908.

Last day DGCX Gold Oct traded in the range $937.00 – $918.90 and closed at $922.60

TECHNICAL OUTLOOK (Intra-day)

GOLD (Oct) - Bullish above $ 928; bearish below $ 923


MCXARUN
9994500540

silver intraday

Silver has finally stabilized back toward 17.49. Friday’s move toward 17.00 seemed like an overshoot liquidation and it looks like we should continue to recover over the next couple of days towards 18.00. Silver has been particularly weak, so the risk is for another move lower toward 16.50.

The gold-silver ratio set fresh highs near 53.59 earlier today, but has since backed off to the 53.18 level. Now support for the silver is seen at 24010 and below could see a test of 23713. Resistance is now likely to be seen at 246753, a move above could see prices testing 25043.

Trading Ideas:

TRADING RANGE IS 23710-25050.
SELL SILVER @ 24580-650 SL 24756 TGT 24480-24411-24335-24220. MCX
A BREAK FO 24000 LEVEL WILL PULL THE MARKET TILL 23650-23480 LEVEL.
IMP WILL BE 17.22-17.80 IN SILVER SPOT

MCXARUN
9994500540

gold intraday

Gold -The real test remains a move back above 938/946, the 38.2% Fibonacci retracement and June pivot respectively. Our view is that we will try those levels over the coming couple of days, but by Thursday or Friday the market will take a run at July lows near 913.

A downside break of this low could see 888 fairly quickly. Only a close back above 946 would cancel the bearish outlook. Now support for the gold MCX is seen at 12529 and below could see a test of 12438. Resistance is now likely to be seen at 12780, a move above could see prices testing 12940.

Trading Ideas:

TRADING RANGE IS 12438-12940.
SELL GOLD @ 12680-720 SL 12760 TGT 12645-611-580-535-480. MCX
OR TRADER CAN SELL GOLD BELOW 12560 SL 12640 TGT 12535-12480-12360. MCX
YESTERDAY MKT FALLEN AS CRUDE SHOWN THE PULL BACK TO THE SUPPORT LEVEL AT 120$

MCXARUN
9994500540

safe trade calls

GOLD

PRICE TURN EXACT FROM OUR GIVEN RESISTANCE=12850 AS DAYS HIGH=12850 book profit on sell below 12670-60, for the day sell below 12585 S/L 12605 and T/p 12525/close below test 12375 atleast/towards 12250 in coming days OR buy only abv 12850 S/L 12830 and T/p 12890/towards 13000 (any time close above 13465/ 13775 bullish while close below 12525/ 12150/11920/11775/11375/11200 bearish for medium term)


SILVER

PRICE TURN ALMOST FROM OUR GIVEN RESISTANCE=24775 AS DAYS HIGH=24745 for the day sell only below 24075 & more below 24000 S/L 24170 and T/p 24850/towards 24675 OR buy only abv 24750-775 S/L 24675 and T/p 24900-950/25075/upto 25175 (any time close below 24000/23525/23075/21825 bearish rally while close above 24775/ 26100/27250/28000 bullish for medium term)

CRUDE

CRUDE OIL INVENTORY SCHEDULE TO RELEASE TODAY PRICE TURN EXACT FROM OUR GIVEN RESISTANCE=5370 AS Days HIGH =5367 book profit on sell below 5205-180, for the day sell below 5130 S/L 5160 and T/p 5100-5060/below down rally sharp OR sell ard 5305-10 S/L 5315 and T/p 5280/5240, only sustain abv 5370 trigger buy call and uprally again (now crude need to close above 5370/5680/6040/6360 for bullish rally while close below 5130/5060 bearish for medium term)


COPPER

PRICE TURN EXACT FROM OUR GIVEN RESISTANCE=342 AS DAYS HIGH=341.8 for the day sell below 335 S/L 336.5 and T/p 333/330/close below seen down rally sharp OR buy only abv 342 S/L 340.5 and T/p 343-343.5/ towards 346 (upside strong rally only on close above 360.5/371/387.5/398 while close below 333-330.5/326/311 bearish for medium term)


MCXARUN
9994500540

comex gold imp chart

click chart to large view




MCXARUN
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