Expect a breakout in Gold and Silver today

Technical Views - Commodities 30th Sep 2011

   

MCX GOLD1
TREND : After nearly 3 days of consolidation, today we expect a breakout. Though the probability of the direction is down, but we will still not spend time on getting the correction right instead we will wait for the breakout and trade it. We might get a trade wrong but that is part of the game and we should take all trades, book our losses for the bigger and larger moves today

Support and Resistance - 25400 / 26000
SIGNAL : Use the Buy and Sell signals

MCX SILVER1
TREND : Inline with gold, silver also consolidated yesterday and we expect some moves, not very big but trade-able moves today in both directions.

Support and Resistance - 49800 - 52000

SIGNAL : Use the Buy and Sell signals.

MCX Crude1
TREND : There is a divergence developing on the charts which might bring Crude down in the next couple of days.
Support and Resistance - 4050 / 4130
SIGNAL : Use both buy and sell signals of TDI BS

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