DGCX Crude Outlook 10th Feb, 09

U.S. crude oil futures settled lower yesterday as concerns about recession and demand. Weakness in heating oil and gasoline futures also weighed on oil prices.

At the same time OPEC view on production limited the crude price from more falling .According to the report, OPEC is willing to cut oil output further at a March meeting, the group's secretary-general said Monday, adding he would like to see full compliance with existing curbs first. OPEC's president and ministers from Iraq, Venezuela and Iran have also raised the prospect of more cuts.

U.S. crude oil futures ended lower on Friday also as oil demand worries mounted after government data showed the economy last month shed the biggest number of jobs in 34 years and Crude oil speculators on the New York Mercantile Exchange cut net long positions sharply in the week to Feb. 3, data from the U.S. Commodity Futures Trading Commission released on Friday showed.

Weekly Crude Oil (DWTI January.)

42.65 And 39.85 is the trading range, breaking either side may clear the direction. Resistances are $44.70, 47.38. Supports are at $37.10, $34.80.

DWTI (MAR) traded in the range $42.20 - $39.45and closed at $39.56

TECHNICAL OUTLOOK (Intra-day)
DGCX Crude (MAR) - Bullish above $39.80 Bearish below $39.30

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DGCX Gold Outlook 10th Feb, 09

Gold futures ended below $900 an ounce yesterday on profit taking from the recent rally, triggered by optimism ahead of economic stimulus plans to be unveiled by the U.S. government.

Traders were awaiting an announcement on Washington's massive stimulus plan. The Senate was due to vote on the package later Monday to clear the way for its passage on Tuesday.

But at the same time the world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its bullion holdings held unchanged at a record 867.19 tonnes as of Feb. 6.

U.S. gold futures fell on Friday also as weaker than expected U.S. jobs data boosts expectations Washington will act quickly to implement its fiscal stimulus policy, with rising stock markets suggesting some investment is being diverted back into shares.
According to the report from U.S Labour Department, jobless claims were up 35,000 last week to 626,000, more than expected and the most in 26 years. And also U.S. Labour Department said that productivity was up an annual rate of 3.2% in the fourth quarter, more than expected. Unit labour costs were up an annual rate of 1.8% in the fourth quarter, less than expected.
International spot gold traded in the range $ 911.70- $ 879.80a Troy Ounce and last quoted at $894.50

Weekly Outlook (DG. OCT.)

$933 is the major resistances .If sustain above that level, expect more uptrend. Resistances are $954, $968, $988. Supports are at $909, $899, $881 and $862.

Last day DGCX Gold APR. Traded in the range $909.70-$892.90and closed at $ 895.40

TECHNICAL OUTLOOK (Intra-day)

GOLD (APR) - Bullish above $ 898bearish below $ 893

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important long view gold chart

please click the pic for large view




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safe trade calls

GOLD

Now as long Resistance of 14140 & 14230 Xpect price to test 13790-13600 in this week only. for the day sell below 13900 S/L 13950 and T/p 13850-790 OR sell ard 14160-170 S/L 14175 and T/p 14110-14070 (any time close above 14400-450 bullish while close below 13740/13350/13025/12750 bearish for medium term)



SILVER

Continue to view as long Support of 20000 & 19700 uptrend seen continue. for the day buy only abv 20500 & more above 20575 S/L 20410 and T/p 20700-20800 OR sell below 20050 S/L 20150 and T/p 19950-900/towards 19750 (any time close below 19425/18900/18000/ 17375/16925/16100/15775 bearish rally while close above 20575-970/21725 bullish for medium term)


CRUDE

THIS WAS OUR VIEW "as long Resistance of 2005 & 2050-60 down trend seen continue" & SEE PRICE TURN FRO HIGH EXACT 2060 TO MAKE LOW=1955. Continue to view as long Resistance of 2060 & 2130 down trend seen continue. for the day sell below 1955 S/L 1970 and T/p 1930-15/ 1890/sustain close below 1890 potential towards 1780-1580 in coming days OR sell ard 2027-30 S/L 2035 and T/p 2010-1990 (now crude need to close above 2130/2320/2650-75/2950 for bullish rally while close below 1890/1625 bearish for medium term)


COPPER


Continue to view as long Support of 163 expect price towards 185-192 in coming days (buy on dips advisable) for the day buy abv only 175.25 S/L 174 and T/p 177-177.50/179-182 OR buy ard 166.90-167.10 S/L 166.5 and T/p 168.50-171(upside strong rally only on close above 177.5/196/204.5/219/238/271 while close below 160.5/150.5/144/138.5 bearish for medium term)


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