-- Posted Sunday, 13 March 2011 | | Source: GoldSeek.com

HOLI GREETINGS

GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR

GOLD: Gold will break from the 20700-21200 range this week and form a new range.

SILVER: Silver needs to trade over 54800 for the whole week to be in bullish zone.

It should be another volatile week.

TECHNICAL VIEW

MCX GOLD APRIL

Bullish over 20769 with 21178 and 21383 as price target

Bearish below 20680 with 20453 and 20310 price target

Neutral Zone: 208680-20769

• (A) Gold needs to close below 20736 for three consecutive days to be in short term bearish phase to 20430 and 20101. (B) However if gold does not break 21226 this week then it will fall to 20453 and below.
• Overall long term bullishness is intact and one should use sharp dips to invest for the long term.
• Keep a close watch at 20736 and 21178 all the time
• Long Trading call: Buy around 20500 stop loss below 18800 price target 22300 and 23300 (2 months to 3 months time)
• Jobbers call: Buy over 21070 for 21226 and 21383 OR sell around 21383 stop loss over 21525.

MCX SILVER MAY

Bullish over 52688 with 55141 and 56118 as price target

Bearish below 51700 with 50057 and 48024 as price target

Neutral Zone: 51700-52688

• (A) Silver needs to close over 54800 for three consecutive days to target 58749 and 60782. (B) Only a daily close below 53324 for four consecutive days will result in a short term bearish phase to 50057 and 48024.
• Over bought conditions exist and a correction can happen anytime.
• Keep a close watch at 52688 and 54800
• Weekly call: Sell around 56117 stop loss over 57200 price target 53224 and 51694 OR sell below 53324 for 52600

MCX COPPER APRIL

Bullish over 417 with 443.0 and 457.00 as price target

Bearish below 398 with 389 and 367 as price target

Neutral Zone: 398-417

• Over sold conditions exist. Recovery can happen anytime.
• Only a daily close below 416 for four consecutive days will result in a short term bear phase to 398 and 374.
• The key medium term support is at 398 and as long as copper trades over 398 one should use sharp dips to invest.
• Keep a close watch at 417 and 431.30
• Long Trading call: Buy around 419 stop loss below 409 price target 480 and 515
•  Weekly call: Buy over 431 for 441 and 449 OR sell below 416 for 411 and 398

MCX CRUDE OIL

Bullish over 4510 with 4660, and 4882 as price target

Bearish below 4460 with 4366 and 4257 as price target

Neutral Zone: 4480-4510

• (A) Only a daily close below 4461 for three consecutive days will result in a short term bearish phase to 4257 and 3914 (B) Failure to break 4882 by 25^th March will result in a fall to 4201 and 3960
• For the rest of March crude oil will rise to 4922 and 5126 as long as it trades over 4200. There will be a technical breakdown below 4200.
• Keep a close watch at 4461 and 4715
• Jobbers call: Buy around 4257 stop loss below 4157 price target 4700 OR buy over 4600 for 4680 and 4780

MCX ZINC MARCH

• 98.75 is the key long term support. Zinc can rise to 108.40 and 117 as long as it trades over 98.75.
• Only a daily close below 98.75 for three consecutive days will result in a medium term bearish phase to 78.50.
• Use a buy on sharp dips strategy as long as zinc trades over 98.

MCX LEAD MARCH

• Double bottom around 108 suggest that lead can rise to 115.90 and 123.90 as long as it trades over 108.
• Only a daily close below 108 for three consecutive days will result in a short term bearish phase to 97.90.
• Use a buy on sharp dips strategy as long as lead trades over 107. Sell only below 107

MCX NICKEL MARCH

• 1134 is the key long term support. Nickel can rise to 1260 and 1366 as long as it trades over 1134.
• Only a daily close below 1134 for three consecutive days will result in a medium term bearish phase to 996 and 833.50.
• Buy below 1100 (if prices come) with stop loss of 950.

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.

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

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-- Posted Sunday, 13 March 2011 | Digg This Article | Source: GoldSeek.com

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