Technical Views - Commodities 6th June 2011
MCX GOLD1
TREND : There is a downward parllel channel that is acting as a support and resistance to the moves of Gold. This is proven by the fact that we witnessed a low of 21900 and a high of 22500 both were out of the channels. But the magnetic power of the channel was so strong that the gold retraced back into the channel on both accounts. For the day we remain sellers with a SL of 22550 and buyers with a SL of 22150. We will create sell and buy positions only when Gold trades closer to the SL. The channel width is 300 points. So a breakout on either side will result in a 300 point rise or fall.
SIGNAL : Do not use Buy Sell Signals of TDI BS for today.
TREND : There is a downward parllel channel that is acting as a support and resistance to the moves of Gold. This is proven by the fact that we witnessed a low of 21900 and a high of 22500 both were out of the channels. But the magnetic power of the channel was so strong that the gold retraced back into the channel on both accounts. For the day we remain sellers with a SL of 22550 and buyers with a SL of 22150. We will create sell and buy positions only when Gold trades closer to the SL. The channel width is 300 points. So a breakout on either side will result in a 300 point rise or fall.
SIGNAL : Do not use Buy Sell Signals of TDI BS for today.
MCX SILVER1
TREND : Silver could not show the strength as compared to Gold. For today we will go long above 54830 and short below 53100. If the low of 53035 stays intact we can see silver retracing back to 55800 in the next 2-3 days. The lower side extreme target is at 51000 incase 53000 is breached
SIGNAL : Use buy and sell signals of TDI BS for the day
MCX Crude1
TREND : Take only long trades for today. The resistance is at 4530-80 and support will come at 4470
SIGNAL: Use Buy signals of TDI BS
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