GENERAL MARKET CONDITIONS

One should enjoy the consolidation days in metals and energies. Consolidation days with very low volatility have become scarce these days. Its also suggests the command the UK has over all foreign exchange markets and commodity markets. Once again the US dollar and crude oil prices will be the key to all commodities. Base metals should remain firm/rise as Chinese demand picks up. Markets will be looking forward to the FOMC minutes for direction today.

Pit trading is closed in US on Monday (1st September) due to Labor Day. Volumes will fall as the week progresses. There will be position squaring and rebuilding ahead of the holiday. Traders will also be taking positions for the US non farm payrolls on 5th September. All these will only increase the volatility for the weeks ahead.

Zinc, lead and Nickel can rise on month end short covering. China will open slowly its factories which were closed due to Olympics which will result in greater demand for these metals and firm prices. Technically also these metals are in medium term oversold zone. Physical demand of gold and silver will remain firm and premiums will also remain high.

LME COPPER (3 MONTHS)

Copper has to break the $7800-$8000 zone for $8450. Sellers will emerge this week only if copper falls below $7625.

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safe trade calls

GOLD

Continue to view as long Resistance 11875/11950, down trend continue. for the day sell only below 11625-595 S/L 11655 and T/p 11560-525/11460/sustain below towards 11300 in coming days OR sell ard 11860-65 S/L 11870 and T/p 11820 upto 11770 only sustain abv 11875 & 11950 trigger buy call now (any time close above 11950/12680/12950/ 13550/13850 bullish while close below 11275/11125 bearish for medium term)


SILVER

book profit on sell ard 20330-340, fresh sell only below 20050 S/L 20125 and T/p 19975-900/19800/below down rally OR sell ard 20560-70 S/L 20600 and T/p 20475-20350, only sustain abv 20600 trigger buy call now (any time close below 19200-18900 bearish rally while close above 20600/21900/22850/25000/ 26100/27250/28000 bullish for medium term)


CRUDE


PRICE TURN ALMOST FROM OUR GIVEN LEVELS Continue to view as long Resistance of 5210/5290, down trend likely to continue. for the day sell only below 4975 & 4960 S/L 5000 and T/p 4920-4905/4865-70/sustain below down rally sharp OR sell ard 5140-45 S/L 5150 and T/p 5115-5100 (now crude need to close above 5290/5475/5710/ 6375 for bullish rally while close below 4865/4760 bearish for medium term)


COPPER


As long Resistance of 338.5 & 340.5, down trend continue. for the day sell below 335.5 S/L 336.75 and T/p 333.75-333/331/329.5/sustain below down rally OR buy only abv 340.5 S/L 339.25 and T/p 342-344/upto 346.5 (upside strong rally only on close above 340.5/351/ 360.5/371/387.5/398 while close below 312/302/289/265/251.5/235 bearish for medium term)


MCXARUN
9994500540