Gold Outlook 6th Jan

U.S. gold slipped 2 percent on Monday as Strong dollar and by a planned U.S. stimulus plan despite oil rose 5 percent as Israel deepened its thrust into Gaza on the 10th day of violence.

Investors welcomed news that U.S. President-elect Barack Obama is seeking as much as $310 billion in tax cuts as part of a proposed stimulus package that could be worth up to $775 billion and supported the dollars movements.

U.S. Dollar rose against the euro yesterday supported by a planned U.S. stimulus package and increased expectations of interest rate cuts by major central banks other than the Federal Reserve.

At the same time the U.S. Census Bureau said that construction spending was at an annual rate of $1.0784 trillion in November, down .6% from October's pace and down 3.3% from a year ago.

International spot gold traded in the range $ 883.55- $ 843.50 a Troy Ounce and last quoted at $858

Weekly Outlook (DG. OCT.)

Expected trading range is $892- 854, breaking of either side will make the direction. Resistances are $906, $917, $935. Supports are at $844, $831, $820

Last day DGCX Gold FEB. Traded in the range $874.60-$844.80and closed at $ 859.50

TECHNICAL OUTLOOK (Intra-day)

GOLD (FEB) - Bullish above $ 862 bearish below $ 856


MCXARUN
9994500540

safe trade calls

GOLD

THIS WAS OUR VIEW "below 13350 test 13150-13050 Range" AND SEE PRICE MAKE LOW=13185 WITHIN HRS AFTER BREAK 13350. we book profit on sell below 13575/13440, for the day sell only below 13200-175 S/L 13235 and T/p 13100/13025 OR sell ard 13535-540 S/L 13550 and T/p 13500-460 (any time close above 13800/14400 bullish while close below 13175/12650-600/12330/11950/11525-420 bearish for medium term)


SILVER

Now as long Resistance of 18700 down trend seen continue. for the day sell only below 18100 S/L 18200 and T/p 18000-17950/sustain below towards 17750 OR sell ard 18670-680 S/L 18700 and T/p 18600-500, only close above 18750 uprally again to test 193250-350 Range atleast in coming days (any time close below 17625-525/16925/16100/ 15775 bearish rally while close above 18750/19475/20975/21725 bullish for medium term)


CRUDE

THIS WAS OUR WORDS "sustain close above 2125 towards 2275-2300 atleast" & SEE HIGH MADE 2339 ACHIEVED. Continue to view as long support of 2225 more upside expected. book profit on buy abv 2125/2260, for the day buy only abv 2340 S/L 2325 and T/p 2370-2400/sustain above towards 2500-2520 in coming days OR sell below 2275 S/L 2295 and T/p 2255-25/ 2200/below down rally sharp (now crude need to close above 2340/2560/2860 for bullish rally while close below 2225/ 2020-1990/1790-1750 bearish for medium term)

COPPER

Continue to view as long support of 153.5/151.5 upside seen continue. we book profit on buy abv 158, for the day buy only abv 161.25 S/L 160 and T/p 162.25/sustain abv test 165-166 in coming days OR sell only below 158.5 S/L 159.5 and T/p 157.5/155.5/154 (upside strong rally only on close above 162.5/171.5/183.5/191.5/197.5/204.5/ 219/238/271 while close below 151.5/ 144/138.5 bearish for medium term)


MCXARUN
9994500540

Global Recap – 5th Jan, 09

Crude oil prices fluctuated around $47 a barrel as Israel's deepening incursion into Gaza and the Russian gas dispute heightened geopolitical supply fears. However, prices swung in and out of positive territory as a rally in the U.S. dollar encouraged profit-taking by investors, with oil prices up by more than 30% since the end of December. Oil prices have risen sharply from around $35 a barrel since Israel launched its Gaza offensive on Dec. 27, heightening fears for crude supplies from the Middle East. An Iranian military commander called for Islamic producers to cut supplies to Israel's supporters in Europe and the United States. OPEC's most influential member Saudi Arabia and neighbours Kuwait, the United Arab Emirates and Qatar are regional allies of the United States. However Gaza violence does not directly threaten any oil production, but there was underlying concern it could affect other countries in the Middle East, with little sign of the violence abating.

Gold dropped below $845 an ounce on the back of a dollar rally and signs of slowing physical demand. Gold weighed down heavily by a sharply higher dollar based on expectations of interest rate cuts by major central banks and news of a planned U.S. stimulus package. Reports of tumbling physical gold imports by top consumer India confirmed concerns of slowing bullion demand in emerging economies. Meanwhile gold imports by India plunged by 81% in December and down 47% in 2008, as high prices and a slowing economy dented demand.

Copper edged higher recouping earlier losses and extending a New Year's rally that saw prices climb nearly 11% in two days. Copper up in modest short-covering rebound after prices fail to break down below $1.40. Copper's morning gains buck stronger tone in the dollar, which hit a three-week high against the Euro amid expectations of interest rates cuts by major central banks and news of a planned U.S. stimulus package. Copper supported by economic data showing a less than expected decline in U.S. construction spending. China will allow tax-free imports of copper, nickel and cobalt concentrate from Feb. 1, as long as the finished products are re-exported, according to a statement on the Ministry of Commerce's website (www.mofcom.gov.cn).

U.S. construction spending tumbled by 0.6% for the month of November, according to the Commerce Department report, showing that building at the end of 2008 was stronger than Wall Street had expected. However analysts polled by Reuters had anticipated the drop to be a much steeper 1.3%. October's change was also revised to down 0.4% from the originally reported drop of 1.2%. Moreover public spending, on the other hand, increased 1.4%.


MCXARUN
9994500540

safe trade calls

GOLD

we book profit on sell below 13575, for the day sell only below 13440 S/L 13480 and T/p 13400-350 where good support seen/close below 13350 test 13150-13050 Range in coming days OR buy only abv 13685-700 S/L 13650 and T/p 13770-800/close abv 13800 test 13900 atleast/upto 14000 and if Rally sustain towards 13150 in coming days (any time close above 13800/14400 bullish while close below 13350/12650-600/12330/11950/11525-420 bearish for medium term)


SILVER


PRICE TURN ALMOST FROM OUR SUPPORT=18100 AS DAYS LOW= 18112. Continue to view as long support of 18100 more upside expected. for the day buy only abv 18750 S/L 18660 and T/p 18850/close above 18750 test 19000-19300 Range atleast OR buy ard 18270-280 S/L 18250 and T/p 18350-430 (any time close below 18100/ 17525/16925/16100/15775 bearish rally while close above 18750/19475/20975/ 21725 bullish for medium term)


CRUDE


THIS WAS OUR WORDS "sustain close above 2125 towards 2275-2300 atleast" & SEE HIGH MADE 2259. Continue to view as long support of 2100 & 2020 more upside expected. book profit on buy abv 2125, for the day buy only abv 2260 S/L 2240 and T/p 2300/sustain above towards 2350 OR sell below 2200 S/L 2220 and T/p 2170-50 (now crude need to close above 2260/2400/2560/2860 for bullish rally while close below 2020-1990/1790-1750 bearish for medium term)


COPPER

Continue to view as long support of 151.5 more upside likely. we book profit on buy abv 158, for the day buy only abv 161 S/L 159.7 and T/p 163/164.5 OR buy ard 151.8-152.1 S/L 151.5 and T/p 154.5-156 (upside strong rally only on close above 161/167-171.5/183.5/ 191.5/197.5/ 204.5/219/238/271 while close below 151.5/144/138.5 bearish for medium term)


MCXARUN
9994500540

Poodwaddle.com

safe trade calls

GOLD

Now as long Resistance of 13250/13375 down trend continue towards 12600-12400 in coming days. for the day sell only below 12825 & 12800 S/L 12865 and T/p 12750/sustain close below 12800 potential towards 12600-12400 in coming days OR sell ard 13135-140 S/L 13150 and T/p 13100-13050 (any time close above 13400/14400 bullish while close below 12600/12330/11950/11525-420 bearish for medium term)


SILVER

THIS WAS OUR VIEW LAST DAY "As long Resist 18300 down trend continue & see turn from High=18250 and make Low=17530 yesterday.Continue to view As long Resistance of 18175-18300 down trend continue. for the day sell only below 17550-500 S/L 17650 and T/p 17400-325/upto 17150 OR sell ard 18010-18030 S/L 18050 and T/p 17950-17800 (any time close below 17350/16850/16100/15775 bearish rally while close above 18300/19475/20975/ 21725 bullish for medium term)


CRUDE

THIS WAS OUR WORDS YESTERDAY "sustain close below 2170 potential to test 2050-1980 range" AND SEE LOW MAKE=2042. Continue to view as long Resistance of 2200 down trend continue. book profit on sell below 2270/ 2175, for the day sell below 2065 S/L 2085 and T/p 2050-40/sustain below towards 1980 atleast in coming days OR sell ard 2162-70 S/L 2170 and T/p 2145/25 (now crude need to close above 2400/2560/2860 for bullish rally whileclose below 2040 bearish for medium term)


COPPER

THIS WAS OUR VIEW YESTERDAY "sustain below 145 towards 140" & SEE LOW MAKE 141.25. Continue to view, as long Resistance of 150 & 155 down trend continue. book profit on sell below 163.5/158.5/155.5/152/148, for the day sell only below 141.25 S/L 142.75 and T/p 140 atleast/towards 135 OR sell ard 146.8-147 S/L 147.5 and T/p 145.5-144 (upside strong rally only on close above 167-171.5/183.5/191.5/ 197.5/204.5/219/238/271 while close below 141 bearish for medium term)


MCXARUN
9994500540

safe trade calls

GOLD

Continue to view as long Resistance of 13000/13100 & 13175 down trend seen continue. for the day buy only abv 13000 S/L 12965 and T/p 13050-13100 OR sell below 12750 S/L 12810 and T/p 12690-655/12600/below down rally (any time close above 13000/13175-13250/ 13650/14400 bullish while close below 12600/12330/11950/11525-420 bearish for medium term)


SILVER

PRICE TURN FROM OUR GIVEN RESISTANCE=17600 AS DAYS HIGH WAS 17570. Continue to view, as long Resistance of 17600 down trend likely to continue. book profit on buy abv 17450, for the day buy only abv 17525 & more above 17600 S/L 17450 and T/p 17700-750/towards 17950/and sustain abv towards 18100 in coming days OR sell below 17250 S/L 17350 and T/p 17125-17050/below towards 16850 (any time close below 16500/16100/15775 bearish rally while close above 17600/ 18300/19475/20975/21725 bullish for medium term)


CRUDE


PRICE TURN ALMOST FROM OUR GIVEN SUPPORT=2315 AS DAYS LOW WAS 2322. Continue to view as long Resistance of 2480-2560 correction seen continue. for the day sell only below 2315 S/L 2335 and T/p 2270-75/ sustain below towards 2215-20 OR sell ard 2450-60 S/L 2465 and T/p 2420-2400 (now crude need to close above 2560/2860 for bullish rally while close below 2215/2050 bearish for medium term)


COPPER

PRICE TURN EXACT FROM OUR GIVEN SUPPORT=155.75 AS DAYS LOW WAS=155.8 Continue to view, as long Resistance of 164.5 & 167 down trend continue. book profit on sell below 163.5/158.5, for the day sell only below 155.5 S/L 156.75 and T/p 154-152/150 in coming days OR sell ard 160.2-160.5 S/L 161 and T/p 159-157 (upside strong rally only on close above 171.5/183.5/ 191.5/197.5/204.5/219/238/271 while close below 159.5 bearish for medium term)


MCXARUN
9994500540


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