June gold closed sharply higher on Tuesday as it consolidated some of the decline off last week's high. The high-range close sets
the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If June extends last week's decline, the 38% retracement level
crossing at 897.80 is the next downside target. Closes above the 20-day moving average crossing at 974.30 would confirm that
a short-term low has been posted. First resistance is the 10-day moving average crossing at 972.30. Second resistance is the 20-
day moving average crossing at 974.30. First support is last Thursday's low crossing at 909.00. Second support is the 38%
retracement level crossing at 897.80.
May silver closed higher on Tuesday due to short covering as it consolidated some of last week's decline. The high-range close
sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If May extends last week's decline, the 50% retracement level
crossing at 16.585 is the next downside target. Closes above the 20-day moving average crossing at 19.512 are needed to
confirm that a short-term low has been posted. First resistance is today's high crossing at 17.900 then the 25% retracement level
crossing at 19.015. First support is last Thursday's low crossing at 16.725 then the 50% retracement level crossing at 16.585.
May copper closed higher on Tuesday as it consolidates some of last week's decline. The high-range close sets the stage for a
steady to higher opening on Wednesday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term
low might be in or is near. Closes above the 20-day moving average crossing at 379.73 are needed to confirm that a low has
been posted. If May renews last week's decline, the 50% retracement level of the December-March rally crossing at 344.85 is
the next downside target. First resistance is the 10-day moving average crossing at 372.19. Second resistance is the 20-day
moving average crossing at 379.73. First support is last Thursday's low crossing at 346.10. Second support is the 50%
retracement level crossing at 358.50.
May crude oil closed higher on Tuesday as it consolidates above the 25% retracement level of the August-March rally crossing
at 99.77. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term. If May extends last week's decline, the reaction low
crossing at 98.33 is the next downside target. Closes above the 10-day moving average crossing 105.32 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average crossing at 103.86. Second resistance is the 10-
day moving average crossing at 105.32. First support is last Thursday's low crossing at 98.65. Second support is the reaction
low crossing at 98.33.
May Henry natural gas closed higher on Tuesday as it consolidated some of last week's decline. The high-range close sets the
stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish signaling that a short-term low
might be in or is near. Closes above the 10-day moving average crossing at 9.629 would confirm that a short-term low has been
posted. If April renews last week's decline, the 50% retracement level of December-March rally crossing at 8.732 is the next
downside target. First resistance is the 20-day moving average crossing at 9.592 then the 10-day moving average crossing at
9.629. First support is last Thursday's low crossing at 8.750. Second support is the 50% retracement level of this year's rally
crossing at 8.732.
MCXARUN
9994500540
Wednesday, March 26, 2008
Technicals – MCX (Intra day calls)
CRUDE OIL (April) BULLISH ABOVE 4023BEARISH BELOW 4003
GOLD (April) BULLISH ABOVE 12107BEARISH BELOW 12067
SILVER (May) BULLISH ABOVE 22953 BEARISH BELOW 22860
COPPER (APRIL) BULLISH ABOVE 324.40 BEARISH BELOW 323.30
LEAD (MARCH) BULLISH ABOVE 111.10 BEARISH BELOW 110.50
NICKEL (MARCH) BULLISH ABOVE 1177 BEARISH BELOW 1170
ZINC (MARH) BULLISH ABOVE 93.80 BEARISH BELOW 93.30
MCXARUN
9994500540
GOLD (April) BULLISH ABOVE 12107BEARISH BELOW 12067
SILVER (May) BULLISH ABOVE 22953 BEARISH BELOW 22860
COPPER (APRIL) BULLISH ABOVE 324.40 BEARISH BELOW 323.30
LEAD (MARCH) BULLISH ABOVE 111.10 BEARISH BELOW 110.50
NICKEL (MARCH) BULLISH ABOVE 1177 BEARISH BELOW 1170
ZINC (MARH) BULLISH ABOVE 93.80 BEARISH BELOW 93.30
MCXARUN
9994500540
Tuesday, March 25, 2008
SAFE TRADE
GOLD
now as long support 11875-825, expect some upside test 12175-275-400 in coming days.. buy at every deep. book profit on sell below 12310/11960. for the day buy ard 11840-45 S/L 11825 and T/p 11925-12025 OR buy abv 12075 S/L 12050 and T/p 12110-160/12250/12325. only close below 11830 down rally again test 11700 atleast (any time close above 12375/13100/13400 bullish while close below 11830/11575-475/11300/ 10950-900/10500/10050/ 9850/9575 bearish for medium term)
SILVER
now as long support 22050 & 21950, expect upside test 22550-875/950 upto 23300 in coming days...buy at every deep. book profit on sell below 23875/ 22075, for the day buy abv 22475-525 S/L 22400 and T/p 22650-750/22875 upto 23000 OR buy ard 22010-30 S/L 21975 and T/p 22250-350. only sustain close below 21975 down rally again test 21750 atleast (any time close below 21975/21250/20150/19390/ 18600-250/ 17850 bearish rally while close above 23900/26100/27500 bullish for medium term)
CRUDE
book profit on sell 4230-35/4130, for the day sell only below 4030 & more below 4000 S/L 4045 and T/p 3960-50 upto 3910-3880 atleast OR sell ard 4145-55 S/L 4160 and T/p 4110-4070 (now crude need to close above 4160/4335/4460-85 for bullish rally while close below 4000-3960/3830/3585/3415-3390 bearish for medium term)
COPPER
book profit on sell below 322/315, for the day sell only below 314.5-313 S/L 316 and T/p 311-10/upto 305, sustain below 303 seen one more down rally OR buy abv 323-24 S/L 321.75 and T/p 326.5-327.75/330/332.5 (upside strong rally only on close above 324/335.5/ 348/354 while close below 310-303/ 281/267.5/254.5/235 bearish for medium term)
MCXARUN
9994500540
now as long support 11875-825, expect some upside test 12175-275-400 in coming days.. buy at every deep. book profit on sell below 12310/11960. for the day buy ard 11840-45 S/L 11825 and T/p 11925-12025 OR buy abv 12075 S/L 12050 and T/p 12110-160/12250/12325. only close below 11830 down rally again test 11700 atleast (any time close above 12375/13100/13400 bullish while close below 11830/11575-475/11300/ 10950-900/10500/10050/ 9850/9575 bearish for medium term)
SILVER
now as long support 22050 & 21950, expect upside test 22550-875/950 upto 23300 in coming days...buy at every deep. book profit on sell below 23875/ 22075, for the day buy abv 22475-525 S/L 22400 and T/p 22650-750/22875 upto 23000 OR buy ard 22010-30 S/L 21975 and T/p 22250-350. only sustain close below 21975 down rally again test 21750 atleast (any time close below 21975/21250/20150/19390/ 18600-250/ 17850 bearish rally while close above 23900/26100/27500 bullish for medium term)
CRUDE
book profit on sell 4230-35/4130, for the day sell only below 4030 & more below 4000 S/L 4045 and T/p 3960-50 upto 3910-3880 atleast OR sell ard 4145-55 S/L 4160 and T/p 4110-4070 (now crude need to close above 4160/4335/4460-85 for bullish rally while close below 4000-3960/3830/3585/3415-3390 bearish for medium term)
COPPER
book profit on sell below 322/315, for the day sell only below 314.5-313 S/L 316 and T/p 311-10/upto 305, sustain below 303 seen one more down rally OR buy abv 323-24 S/L 321.75 and T/p 326.5-327.75/330/332.5 (upside strong rally only on close above 324/335.5/ 348/354 while close below 310-303/ 281/267.5/254.5/235 bearish for medium term)
MCXARUN
9994500540
Comex gold intraday
Gold prices ended slightly lower yesterday, paring early gains, as the Dollar held firm against the Euro and oil prices extended the previous week losses.
Dollar found support in the report from National Association of Realtors that revealed signs of stability in the US housing market in February. According to the report, resale of homes rose 2.9% to a seasonally adjusted annualized rate of 5.03 million. The rise was above expectations, and the first in seven months.
Gold had corrected from record high levels reached earlier last week, along with oil, as the Dollar bounced back moderately from record-low levels versus the Euro after the Federal Reserve cut its benchmark interest rate by 75 basis points to 2.25 percent.
The latest rate cut has been the sixth since last September, and has made the reduction in the federal funds rate to 300 basis points, to the lowest point since late 2004. But many market participants and analysts had anticipated an even more severe cut by the Fed, a full 100 basis points, amid serious concerns regarding a recession in US economy.
International spot gold traded in the range $926.30 - $906.00, and last quoted at $914.70 ($919.10).
Crude oil for May delivery in NYMEX settled at $100.86 ($101.84) a barrel, after touching a low of $99.95. US crude inventories rose by 200,000 barrels to 311.8 million barrels in the week ending March 14, according to the latest update by US Energy Information Administration.
The Commerce Department had reported last week a drop in US housing starts in February by 0.6 percent to a 1.065 million unit annual rate, down from 1.071 million units in January.
The economic worries and a nose-diving dollar had propelled spot gold to record an all-time high of $1030.80 a Troy ounce last week.
In the meantime US Labor Department’s Producer Price Index, which measures inflation pressures before they reach the consumer, rose 0.3 percent in February following a 1.0 increase in January.
The Federal Reserve in a an unexpected move had cut its discount rate for direct loans to banks by 0.25 percent point to 3.25 percent, and launched a new discount window facility for primary dealers, in desperate moves to stabilize financial markets.
The emergency moves by Fed boosted speculations regarding the possibilities for more casualties in the widening US financial crisis.
Adding to the pressure on the greenback, data from the US showed total industrial output fell 0.5 percent in February, much steeper than the expected rate of 0.1 percent.
Another release showed US homebuilders' confidence held steady in March. The National Association of Home Builders (NAHB) Housing Market Index for March remained unchanged at 20.
The University of Michigan/Reuters index tracking consumer sentiment had dipped to 70.5 in March from 70.8 in February.
The US Commerce department reported a worse-than-expected 0.6 percent fall in the Retail Sales in February.
Another release by the US Labor Department showed the initial claims for state unemployment benefits remained unchanged at 353,000 in the week ended March 8. The four-week average of initial claims fell slightly in the latest week, down by 1,250 to 358,500.
Meanwhile, the US Commerce Department reported that the US trade deficit widened slightly in January, up 0.6% to $58.2 billion.
Medium term outlook (Spot Gold)
Bullish above $916; Resistances are $926, $932, $947, $954, $973, $984, $995, $1002, $1022, $1035, $1052; supports $896, $883. Further up-trend is expected above $954.60.
Last day DGCX Gold April traded in the range $926.00 – $906.50 and closed at $911.80 ($913.80).
DGCX Gold April
TECHNICAL OUTLOOK (Intra-day)
GOLD (April) - Bullish above $ 916; bearish below $ 910
MCXARUN
9994500540
Dollar found support in the report from National Association of Realtors that revealed signs of stability in the US housing market in February. According to the report, resale of homes rose 2.9% to a seasonally adjusted annualized rate of 5.03 million. The rise was above expectations, and the first in seven months.
Gold had corrected from record high levels reached earlier last week, along with oil, as the Dollar bounced back moderately from record-low levels versus the Euro after the Federal Reserve cut its benchmark interest rate by 75 basis points to 2.25 percent.
The latest rate cut has been the sixth since last September, and has made the reduction in the federal funds rate to 300 basis points, to the lowest point since late 2004. But many market participants and analysts had anticipated an even more severe cut by the Fed, a full 100 basis points, amid serious concerns regarding a recession in US economy.
International spot gold traded in the range $926.30 - $906.00, and last quoted at $914.70 ($919.10).
Crude oil for May delivery in NYMEX settled at $100.86 ($101.84) a barrel, after touching a low of $99.95. US crude inventories rose by 200,000 barrels to 311.8 million barrels in the week ending March 14, according to the latest update by US Energy Information Administration.
The Commerce Department had reported last week a drop in US housing starts in February by 0.6 percent to a 1.065 million unit annual rate, down from 1.071 million units in January.
The economic worries and a nose-diving dollar had propelled spot gold to record an all-time high of $1030.80 a Troy ounce last week.
In the meantime US Labor Department’s Producer Price Index, which measures inflation pressures before they reach the consumer, rose 0.3 percent in February following a 1.0 increase in January.
The Federal Reserve in a an unexpected move had cut its discount rate for direct loans to banks by 0.25 percent point to 3.25 percent, and launched a new discount window facility for primary dealers, in desperate moves to stabilize financial markets.
The emergency moves by Fed boosted speculations regarding the possibilities for more casualties in the widening US financial crisis.
Adding to the pressure on the greenback, data from the US showed total industrial output fell 0.5 percent in February, much steeper than the expected rate of 0.1 percent.
Another release showed US homebuilders' confidence held steady in March. The National Association of Home Builders (NAHB) Housing Market Index for March remained unchanged at 20.
The University of Michigan/Reuters index tracking consumer sentiment had dipped to 70.5 in March from 70.8 in February.
The US Commerce department reported a worse-than-expected 0.6 percent fall in the Retail Sales in February.
Another release by the US Labor Department showed the initial claims for state unemployment benefits remained unchanged at 353,000 in the week ended March 8. The four-week average of initial claims fell slightly in the latest week, down by 1,250 to 358,500.
Meanwhile, the US Commerce Department reported that the US trade deficit widened slightly in January, up 0.6% to $58.2 billion.
Medium term outlook (Spot Gold)
Bullish above $916; Resistances are $926, $932, $947, $954, $973, $984, $995, $1002, $1022, $1035, $1052; supports $896, $883. Further up-trend is expected above $954.60.
Last day DGCX Gold April traded in the range $926.00 – $906.50 and closed at $911.80 ($913.80).
DGCX Gold April
TECHNICAL OUTLOOK (Intra-day)
GOLD (April) - Bullish above $ 916; bearish below $ 910
MCXARUN
9994500540
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