-- Posted Tuesday, 17 November 2009 | Digg This Article
| | Source: GoldSeek.com
COMMODITIES EVENING UPDATE
The rise in gold prices in MCX suggest that shorts are being covered and getting converted into longs. Silver and base metals are being dictated by technical factors and continuous inflow of positive economic numbers from all parts of the globe. As long as this continues sharp dips should be used as an opportunity to go long. The US dollar and equity markets will continue to dictate all the commodities. It will be a combination of momentum and technical trade in the US session.
INDIAN MARKETS
BUYING CALLS
BUY GOLD DEC OVER 17050 TARGET 17150-17225 STOP LOSS BELOW 16950
BUY SILVER DEC OVER 28100 TGT 28300-28650 SL 276450
BUY COPPER NOV AROUND 309 SL BELOW 306 TARGET 317-319-323
BUY CRUDE OIL OVER 3702 TGT 3720-3752-3777 SL BELOW 3680.
BUY ZINC NOV OVER 105.40 TARGET 106.40-107.80-109.60 STOP LOSS BELOW 104.20
BUY LEAD NOV OVER 110.10 TGT 111.60-113.20-115.60 SL BELOW 109.20 (HIGH RISK CALL)
BUY NICKEL NOV AROUND 740-740 SL BELOW 710 TGT 790-810-830
BUY N GAS OVER 212 TGT 216-219 SL 208.
SELLING CALLS
SELL GOLD DEC BELOW 16900 STOP LOSS OVER 17020 TGT 16800-16680-16472
SELL SILVER DEC BELOW AROUND 28200 STOP LOSS OVER 27350 TARGET 27850-27700-27550 (VERY HIGH RISK CALL)
SELL COPPER NOV AROUND 317-319 SL OVER 322 TGT 307-302-294
SELL CRUDE OIL AROUND 3750-3770 SL OVER 3810 TGT 3630-3580
SELL ZINC NOV BELOW 102 TARGET 100.20-99 STOP LOSS OVER 103.10
SELL LEAD NOV BELOW 107 TARGET 106-105-103.50 STOP LOSS OVER 108.20
SELL NICKEL NOV AROUND 796 SL OVER 812 TGT 776-756-726 (VERY HIGH RISK)
TECNICAL VIEW
GOLD DECEMBER: Gold needs a convincing break of 17050 for 17176 and 17336. On the lower side fresh wave of selling will being on a consolidated fall below 16860 or failure to trade over 17050.
Key Intra day support: 16625 and 16860
Key Intra day resistance: 16957-17067-17176
Trading strategy: Sell only on a consolidated fall below 16860 (till then a buy on dips strategy)
SILVER DECEMBER: Silver needs to trade over 28050 for 28300 and 28800. Intra day bullish over 27688
Key Intra day support: 27688
Key Intra day resistance: 28167 and 28888
Trading strategy: Buy silver only on a consolidated break of 28050 for 28200 and 28500.
COPPER DECEMBER: In the past three weeks to four weeks copper has failed to break or trade over 315-319 zone. Copper has to break this price zone for further gains
Intra day bearish below 310
Key Intra day support: 305.90-311.10
Key Intra day resistance: 317.60-323
Trading strategy: Sell only on a consolidated fall below 311 (till then a buy on dips strategy)
ZINC NOVEMBER: Zinc needs to break 105.40 to target 109-111 and failure to break 105.40 will result in a fall to 102.20 and 99.80
Key Intra day support: 102.20
Key Intra day resistance: 105.60
Trading Strategy: Buy over 105.40 target 107-108.80 OR sell below 102 for 100.50-99
NICKEL NOVEMBER: Nickel needs to trade over 767 for 797 and 812.
Key Intra day support: 735
Key Intra day resistance: 806
Trading Strategy: Buy only if nickel trades over 767 for 787 and 812
CRUDE OIL (November): Crude oil has to break 3712 for 3771 and 3812. Intra day bearish trend will be there only on a consolidated fall below 3630
Key Intra day support: 3555-3630
Key Intra day resistance: 3712-3802
Trading Strategy: Buy on dips as long as 3630 holds OR sell over 3770 stop loss over 3812
LEAD NOVEMBER: Lead needs to break 109.60 for 111 and 113. On the lower side as long as 107.10 holds downside risk will be limited. Intra day fresh wave of selling will be there on a consolidated fall below 107.10
Key Intra day support: 107.10-103.40
Key Intra day resistance: 109.60-113.10
Trading Strategy: Sell only on a consolidated fall below 107.10 for 105.40 and 103.20
NATURAL GAS NOVEMBER: Ngas targets 219 and 229 as long as 206 holds
Key Intra day support: 206
Key Intra day resistance: 219-229
Trading Strategy: Buy on dips as long as 208 holds.
INTERNATIONAL MARKETS
COMEX GOLD DECEMBER
There is a technical congestion between $1135-$1147 and as long as gold does not break this zone convincingly there is every possibility of gold falling to $1119 and $1096.
COMEX SILVER DECEMBER
Silver has to break $1840-$1860 zone else it will fall to $1797, $1751 and $1751. While a break of $1860 will result in $1930+.
COMEX COPPER DECEMBER
$309-$311 zone is the key resistance and copper needs to break the same for $327-$333 zone. Intra day bearish below $303.90
NYMEX CRUDE OIL (1ST CONTRACT)
$75.50 is the key support and as long as $75.50 holds there is every possibility of $78.60-$79.10
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared By Chintan Karnani. Website www.insigniaconsultants.in
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN INDIAN RUPEES UNLESS OTHERWISE SPECIFIED
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
Customer care: 9811139549/9311139549
Reasearch: 9312335649
Chat id chintan342@yahoo.co.in (10 am to 10 pm)
-- Posted Tuesday, 17 November 2009 | Digg This Article | Source: GoldSeek.com
