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-- Posted Friday, 10 August 2007 | Digg This Article

MCX -- GOLD OCTOBER FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
8,632.00	8,700.00	8,744.00	8,780.00	8,844.00	8,887.00	8,920.00	8,954.00
COMEX -- GOLD DECEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$651.50	$657.10	$663.10	$670.30	$676.20	$682.10	$686.90	$695.40
GENERAL MARKET CONDITIONS
“Down and Out”, this is all I can comment on the current market scenario. BNP Paribas withdrawal from three of its funds has dented the confidence day traders and investors.  Just when things start to cool down and investors forget and start all over again, some hedge fund reports huge losses and stops withdrawal. The spread into Europe and Australia reflects the global condurum on the subprime losses. This is the Allan Greenspan legacy which the world is witnessing. Bernanke is helpless. Most of the central banks have inducted additional liquidity including Austraila, Eurozone, Japan etc. Investor will continue their withdrawal over a period of time. They will move financial services and technology. For me financial services and technology are “Tin and Box” industry and nothing else which gets the maximum hit whenever stocks collapse.
Days like yesterday are appearing quite regularly in 2007. The need of the hour is to protect the risk. Investors need not worry. These are part and parcel of a long term bull rally in gold and silver. Day traders and jobbers get the maximum hit when stop losses do not triggered. Better to enter market and exit market.
Gold and silver have performed exceedingly well. They are holding on to their key technical supports. We expect short covering and value based buying in US session which should result in a positive close. There is huge physical demand at lower levels in India. We have been receiving calls from gold traders whether they should start building gold inventory from the current levels as the festival season kicks off after Indian Independence day on 15th August, 2007.
MCX GOLD  -- OCOTBER FUTURE (PRICES IN INDIAN RUPEE'S)
MCX gold October has a key medium term support at INR 8700 followed by INR 8612. Resistance at INR 8844 and INR 8920.
GOLD -- DECEMBER FUTURE
$671 is the key support followed by $663.20. On the higher side $676.10 is the initial resistance with $683.30 as the keys resistance. Gold has to break and close over $688 to be bullish zone, till then a sell on rise strategy.
NYMEX CRUDE OIL -- AUGUST FUTURE
100 day MA of $67.02 is the key support followed  by $72.15 Resistance at $75.50 and $77.50.
Happy Profitable Trading
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-- Posted Friday, 10 August 2007 | Digg This Article

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