-- Posted Friday, 20 November 2009 | Digg This Article
| | Source: GoldSeek.com
COMMODITIES EVENING UPDATE
The US dollar gains and commodities fall slightly. There is no economic news in the US session today. All commodities can fall first and then rise (if key technical supports hold). Base metals are fundamentally bearish while crude oil is technically bearish. Better to remain on the sidelines in the US session and use a sell on rise strategy till this weeks highs are not broken.
INDIAN MARKETS
BUYING CALLS
BUY GOLD DEC AROUND 17000 TARGET 17170-17300 STOP LOSS BELOW 16940
BUY SILVER DEC AROUND 27700 STOP LOSS 27400 TARGET 28600-29000
BUY COPPER NOV AROUND 311 SL BELOW 309 TARGET 319-325
BUY CRUDE OIL AROUND 3540 STOP LOSS BELOW 3510 TARGET 3630-3670-3750
BUY ZINC NOV OVER 105.80 TARGET 106.80-107.80-109.60 STOP LOSS BELOW 104.20
BUY LEAD NOV AROUND 104 STOP LOSS BELOW 103 TARGET 109-111
BUY NICKEL NOV OVER 767 TARGET 796-808 STOP LOSS BELOW 752 (HIGH RISK CALL)
BUY N GAS AROUND 197 STOP LOSS BELOW 191 TARGET 203-213-219
SELLING CALLS
SELL GOLD DEC BELOW 17180 TARGET 17110-17070 STOP LOSS OVER 17250
SELL SILVER DEC AROUND 29134 STOP LOSS OVER 29334 TARGET 28888-2848
SELL COPPER NOV BELOW 315 TARGET 313-311-308 STOP LOSS OVER 319
SELL CRUDE OIL AROUND 3700-3720 SL OVER 3770 TGT 3630-3530
SELL ZINC NOV BELOW 104 TARGET 102.00-101 STOP LOSS OVER 105.10 (VERY HIGH RISK CALL)
SELL LEAD NOV AROUND BELOW 107.40 TARGET 106.40-104.80 STOP LOSS OVER 108.40
SELL NICKEL NOV AROUND 826 SL OVER 842 TGT 808-797-767 (VERY HIGH RISK)
TECNICAL VIEW
GOLD DECEMBER: Gold targets 17330-17460 as long as 17110 holds. A fresh wave of selling will be there on a consolidated fall below 17110.
Key Intra day support: 16932-17089
Key Intra day resistance: 17330-17530
Trading strategy: Sell only on a consolidated fall below 17160 (till then a buy on dips strategy) OR sell between 17400-17450 stop loss over 17530.
SILVER DECEMBER: Silver needs to break 28650 for further gains and failure to do the same will result in a fall to 27700 and 27200
Key Intra day support: 27686 and 28167
Key Intra day resistance: 28632-28917-29200
Trading strategy: Buy only on a consolidated break of 28600 for 28900-29200 OR sell below 27600 for 27400-27100.
COPPER DECEMBER: Copper needs to close over 319 today for further gains to 324-332
Intra day bearish below 313
Key Intra day support: 307.60-311
Key Intra day resistance: 319.20-325.60
Trading strategy: Use a sell on rise strategy till copper does not break 322.
ZINC NOVEMBER: Zinc needs to trade over 102 to prevent another round of selling to 100.50-99
Key Intra day support: 100.50
Key Intra day resistance: 105.40
Trading Strategy: At higher prices sell till 105.40 is not broken
NICKEL NOVEMBER: Needs to trade over 767 to be in bullish zone
Key Intra day support: 767
Key Intra day resistance: 808
Trading Strategy: Buy only if nickel trades over 806 for 827-847
CRUDE OIL (November): Till next week bearish below 3712 with 3580 and 3490 as price targets.
Key Intra day support: 3530-3609
Key Intra day resistance: 3692-3752
Trading Strategy: Use a sell on rise strategy till 3712 is not broken.
LEAD NOVEMBER: Lead needs to trade over 107 to be in intra day bullish zone.
Key Intra day support: 104.30-107
Key Intra day resistance: 110.60
Trading Strategy: Sell as long as lead remains below 109.60
NATURAL GAS NOVEMBER: 190 is the key support.
Key Intra day support: 190
Key Intra day resistance: 208-219
Trading Strategy: Buy below 190 stop loss below 184
INTERNATIONAL MARKETS
COMEX GOLD DECEMBER
$1127 is the key intra day support and as long as $1127 holds there is every possibility of $1154. Intra day we prefer a sell on rise strategy till $1154 is not broken.
COMEX SILVER DECEMBER
Silver needs to break $1865 else it will fall to $1810 and $1782. While a convincing break of $1865 will result in $1880-$1900
COMEX COPPER DECEMBER
Copper needs to trade over $306 to be in intra day bullish zone
NYMEX CRUDE OIL (1ST CONTRACT)
Crude oil needs to hold $75.50 to prevent another round of selling to $73.20. Key resistance $79.50.
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
PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
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-- Posted Friday, 20 November 2009 | Digg This Article | Source: GoldSeek.com
