Technical Views - Commodities 1st June 2011
MCX GOLD1
TREND : Gold could not go close to 20550. We turned bearish at opening and made some money shorting Gold. For today we expect the trend to continue with a target of 22350. Positional shorts for 2-3 days can be built with a SL of 22550. Intraday shorts can be created with 22490 as SL. We will buy only on breach of 22550 for the day.
SIGNAL : Use buy signals for trades above 22550 and sell signals below 22550
MCX SILVER1
TREND : Though we got both up and down swings in Silver yesterday, but the signs are still not clear. The pattern on the 60 min charts has a bullish bias. But the trend lines suggest a breakdown. We should avoid the range trading for today and take trades on the breakouts for bigger targets. For bulls breach of 58480 is an entry signal and for bears a breach of 57375 is an entry signal
SIGNAL : Use buy and sell signals of TDI BS for the day
MCX Crude1
TREND : One sided move till 4660 helped us book some handsome profits in crude after a long time. We are trading closer to our major resistance of 4670, we would take longs only for small profits. And re-enter if 4675 is breached. Look to profit from short side opportunities also
SIGNAL: Use Buy signals only above 4675 and sell signals of TDI BS
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