Wait for the correction to get over before you go long on Gold or Silver
Technical Views - Commodities 26th May 2011
MCX GOLD1
TREND : We got a 100 points move on the down side and expect a similar move today also. For the today longs only above 22450 and shorts below 22340. In between this range we advise not to take any positions
SIGNAL : avoid using signals and trade the breakout of the above range. Once in trade exit on TDI SL
MCX SILVER1
TREND : Totally against our expectations. It breached 58000 and 56500, But the TDI BS signals made good money for us. This is the beauty of human analysis combined with computer algorithms. When you are incorrect it saves you and maybe earn for you too and when the computer is incorrect (only in sideways market) the human analysis helps in reducing the blow.
For today, the pattern of the yesterdays trading is very bearish and suggests a further down move if 56150 breaks till 54100 and an extreme move till 53000. But as a prudent trader we will also look to buy above 57000 for a target of 57500.
SIGNAL : Use buy and sell signals of TDI BS for the day
MCX Crude1
TREND : Went wrong on crude also yesterday. In-spite of the fall yesterday, the pattern has not turned bearish yet. SL for longs is at 4525 and we are still long on CrudeOil. Short side opportunities below 4500 for today or at higher levels around 4660-70 if the sell signals come
SIGNAL: Use only Buy and sell signals of TDI BS
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