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COMEX/ MCX expected trading levels for Aug 22, 2011


Gold view: 

Weekly: Weekly expected trading range is between 1700-2000, weekly trend is up with overbought 14 period RSI indicator. That is suggesting a failure below 1835 during the week may drag it down till 1800-1760 levels where 1700 level we are expecting a very strong support for coming days a failure below 1700 may drag it down till its 1st primary support of the 1575 levels.

Intraday: Gold intraday expected trading range is between 1835-1920,  immediate resistance placed at 1880 currently trading at 1875.50 if gold manage to hold above 1880 then it would signal a really up to 1920 and more upside 1858 can be use as support after breakout above 1880.  As per intraday hourly chart 1858 looking as good immediate support and a failure below 1858 will confirm a retest of its recent strong support of 1835 major down side will take place only below 1835.


Silver :

Weekly: expected trading range is between 38-48, weekly resistance seen around 48$ , if silver manage to hold above this level then it will confirm a fresh bull move for coming days and silver may turn in to rocket again. Weekly major support seen around 38 till then prices expected to move between range of 38-48 during the week.

Intraday: expected intraday trading range is between 41.70-45, trend is up and gap up opening suggesting that  buyers are still aggressive in this counter immediate support placed at 43.10 a failure below 43 may push it more down side till 42.60-41.70 during the day. But daily trend is up there is no major res. 45.40.



Crude oil NYMEX:

Weekly: expected trading range for the week is 73-90 , technically trend is down and selling on rise will be good idea for traders. $85 looking good immediate resistance on weekly basis above this counter will face next resistance around 90$ trading in down trend with negative bios.

Daily:  daily trading range between $85-79, trend is still bearish and immediate major support seen at 81$ a failure below 81$ will take it to $79 otherwise a u turn may take place from 81$ and counter may try to head towards its intraday 1st major resistance of 83.60 trend is down and trader can use 83.60 as stop loss for their shorts for expected target of 79.50-79 if manage to hold below 81$ during the day. Currently trading at 81.90


Gold MCX:

Weekly : expected trading range is between 26400-31400, trend is up immediate support seen at 27580 a failure below 27580 may take it 27100 during the week. Weekly immediate resistance placed at 28500 a break above 28500 would signal a rally till 29400-31500 for coming days.

Intraday:  expected intraday trading range is between 27265-29400, trend is up immediate support seen at 27800 a failure below 27800 may take it to 27500-27300 during the day major intraday resistance seen at 28400-550 range above this if gold manage then it would confirm a up side rally till 29400 and more upside trend is strong up level to watch for intraday is 1858 on comex terms if gold manage to hold below this then some selling presser may take place.


Silver  MCX:

Weekly : expected trading range between 56500 to 71300, trend is up immediate major weekly support seen at 61000 fall expected only below this level out wise price may continue to head upwards and no major resistance seen on scale before 71300.

Daily : expected intraday trading range is 67800-64800 , trend is up immediate support seen at 65600 below 65600 fall may take place up to 64800-64200 trend is up so buying in dips will be good idea in place of selling. Intraday minor resistance we can see around 67800 other wise no major resistance for silver 71300 zones.

Crude Intraday:

Crude intraday resistance placed at 3810 till trading below 3810 expected levels for the day are 3703-3605 currently trading at 3753 a break above 3810 may take it to 3860-3920 during the day technically trend is down.


Copper view:

Expected intraday trading range is between 399-408, technically trend is down and trader can hold shorts with stop loss of 408 if crude manage to hold below 399 then expected targets are 394-389 during the day above 408 rally may lead towards 411-414 during the day cmp 401.70


Nickel View:

Expected intraday trading range between 955-1003 trading with negative bios with strong down trend.  Immediate res. Seen at 989 above this next expected res. Is 1003 if manage to sustain above 1003 then we can expect a rally above 1014-1032 in coming days. Currently trading at 970 with negative bios and 965 is also a good support below this fall may continue to 950 and more down side.


Lead View: 

expected intraday trading range is between 104-109, trading with negative bios. Immediate support seen at 105 a failure below 105 may attract more sellers and lead my try to kiss 104-103.50 during the day major res. Placed at 107.60 zones if manage to sustain above that zone then we will see a bull move up to 109-109.50 during the day currently trading at 106.50
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