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COMEX/ MCX expected trading levels for Aug 23, 2011

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                                    Todays Trading levels
Gold Comex:
Intraday expected trading range between 1920-1858, trend is up but 14 period RSI is in our bought zone that is suggesting a sharp selling may take place any time gold on comex currently trading at 1901 and made high of 1929.80. Level to watch for intraday is 1920 a cross above 1920 may take it to maximum 1940-45 area immediate support seen at 1885 zone a failure below 1885 will try to take it to 1860 during the day and a failure below 1858 will confirm a short term correction in gold that will take it to 1760 on cards till gold is trading above 1885 during the day looking good for bulls stay long above 1885 for expected target of 1918-1942 on cards. Stay light g if gold break and sustain below 1885 more than 30 minutes.


Silver comex:
Intraday expected trading range is between 42.20-44.60 , silver is struggling near its very crucial resistance of 44.60  till not closing above 44.60 on daily basis a nice consolidation may take place and a good slide we can see in silver till 41.70 in coming days. 43 looking very crucial support for the day a failure below 42.80 may take it to 42.20 that is very strong support for very short term time frame a failure below 42.20 will confirm a failure of this bullish swing and we will see nice consolidation with negative bios. Avoid fresh buying till silver not manage to hold above 44.30 on hourly basis. buying in dips will be good idea around 42.80-42.90 with a tight stop loss of 42.20. above 44.30 if silver manage to hold then we will see a nice up move till 44.60-45.20 during the day.


Crude oil nymex:
Expected intraday trading range between 82-89, nice support seen near 81$ that is suggesting some recovery from bottom line of $81. Currently trading at 84.98 and 86$ is looking big rest for the day if manage to hold above that level then no major resistance before 89-90 zones. Intraday minor support seen at $83 buying near 83 will be good idea and selling near 85.50 with sl of 86.20 will be good trade for the day.


Gold mcx :
Intraday expected trading range is between 27500-28600,  trend is up but on daily chart gold reached in overbought zones so a short term correction may take place any time . currently trading at 28200 on mcx  as per current scenario 28100 looking good support below 28100 fall may take place 27900 and more down sided till 27500 during the day but major confirmation to correction we will get only below 27500 if manage to hold below 27500 if gold manage to hold then expected levels are 26400 and more down side above 28320 rally may resume its bullish mood and may head towards 28450-28600 during the day.


Silver mcx:
Expected intraday trading range is between 67600-64000,  till silver trading below 66350 looking week for the day and may fall towards 64800-64300 during the day if manage to hold below 64300 then fall may continue and silver can fall till 62500 levels in coming days. Buy only above 66350 for the day for expected target of 67000-67500 other don’t buy just wait and watch.


Crude mcx:
Intraday expected trading range is between 3740-4050 , trading with bullish bios on very short term time frame and a retest of 4050 we can see on cards on nymex basis $86 looking very stiff resistance and further upside only possible if manage to hold above that level otherwise selling may appear near resistance area. Crude mcx currently trading at 3919 and 3890 looking good immediate support  below 3890 a fall may take place till 3865-3820 after a failure below 3890 trader can use 3960 as stop loss in their shorts for target 3840 during the day buying in dips will be good idea around 3820-40 zone with stop loss of 3770 for target 4020 in very short term.

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