Technical Views - Commodities 2nd June 2011
MCX GOLD1
TREND : 22350 level was achieved in the first hour of trading itself. The confirmations 22350 also allowed us to create shorts but then came dreadful hour. From 4pm Gold started giving signals of some correction on the upside. We got stopped out of our shorts at 8:10pm. But then till 9pm we could just watch the wild movements and stayed out completely. Does this wild movement suggest Gold has reversed its trend - NO. These wild movements tend to appear as tops and bottoms are built. Freak or Fake moves require confirmation. So
Situation 1 : Gold is Bullish. Lets wait for 22550 to breach and then Buy Situation 2 : Gold is Bearish. Let us wait for a Sell Signal and sell again
SIGNAL : Use buy signals for trades above 22550 and sell signals below 22550
MCX SILVER1
TREND : The Wild Movements and the results are more clear and fast on Silver. It tried to go up but eventually the freak movement could not sustain and it fell. For today, we can create shorts below 56500 for targets of 55900. On the bullish side, we can touch 57500 if silver sustain above 56900.
SIGNAL : Use buy and sell signals of TDI BS for the day
MCX Crude1
TREND : 4670 was never breached and we remained on the short side for the entire day. Handsome profits again. Fresh shorts only below 4500. 4500 can be used as SL for longs also.
SIGNAL: Use Buy signals and sell signals of TDI BS
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