LET THE MARKET TELL WHO WE ARE

Previous week nice selling seen in silver and broken all barriers and it has formed a symmetric triangle on weekly chart that is suggesting a hell for silver. Now minor support seen at 26$ a short term recover we can see in silver from 26$ and 32.50 will act as a major resistance for now below 26$ fall may take it to 26$. Major target as per this breakout we are expecting around 13.51$ target calculated as per height of this triangle, expected time frame is 18-24 month for this view. Target calculation: 49.77-26.38 = 13.51 

As per daily log scale crude is trading in down trend and taking resistance on down sloping trend line. Crude made high of 114.80 in may 2011 this year, and then a nice correction seen in crude form the high of 114.80. Now crude is facing very stiff resistance on its down sloping trend line. After a bottom of 89.61 crude retested this falling trend line and nice resistance seen near 101 and a nice selling seen near trend line resistance and a sharp fall seen till 75.70 after that level. Now crude has again retested this down sloping trend line and made 90.49 high during last week but after looking at charts it seems that professional traders are selling crude oil near resistance of this down sloping trend line that’s why nice selling seen despite of supportive inventory data during last week and crude made low 86.98 after a high of 90.49.   Bearish crossover seen on its stochastic indicator that is also supporting our bearish view and valid trend line confirmation and a rising wedg...

Nifty currently trading at 5110 and there is a potential inverse head and shoulder pattern is under development on nifty 240 min chart and bullish divergence seen on 14 period rsi indicator.  We need a breakout above 5170 for confirmation of this bullish view. Above 5170 trader can use 4880 as stop for this bullish view for expected target near 5500 in short term. a failure below 4880 a sharp down move and resumption of its down trend can’t be ruled out.

Gold comex: expected intraday trading range is between 1740-1805 currently trading at 1766, as per 240 chart gold has broken support line of descending triangle that is suggesting gold may fall till 1680-1660 zones in near term and few days ago we have already seen a double top reversal pattern in gold these all reason are suggesting that gold is getting ready for hell.   For intraday trading 1790-95 range is looking very good resistance area above 1805 if gold manage to hold then bulls can enter in streets and they may take it up to 1818-22 zones during the day. Trader can use sell on rise strategy for day trading we are expecting a bounce till 1790-1800 zones. 1 st major support for the day is 1740 further down side will take place only below this level. Immediate support seen at 1760 below 1760 it will open for 1745-40 zones during today’s trading session. Silver comex: intraday expected trading range is between 38.60-40.50 , currently trading at 39.51and 39.20 is looking ver...

Gold comex: expected intraday trading range is between 1800-1870, yesterday nice selling seen in gold and gold made 1801 and closed around 1814. We were expecting 1805 as a support yesterday. Gold broke that support but was not able to sustain below 1805 and after that on hourly close basis gold closed at 1805.72 means that support is still buyer’s interest area.   Expected intraday supports are 1800-1775 immediate resistance seen at 1840-42 zones above this it may jump up to 1860 zones 1870-72 zones can act as unbreakable resistance for the day trader can sell on rise near said resistance area. Trend is still weak. Silver comex: expected intraday trading range is between 41.50-38.80. Major resistance for the day is 41.50-41.60 zones that can change market trend otherwise silver is looking weak. Immediate support seen at $40 below this level   more selling pressure will take place and silver may taste 38.80-38.50 level during the day 

Gold comex : expected intraday trading range between 1810-1890, intraday trend is still weak and a big fall below 1805 can’t be ruled out, 1910 is looking very stiff resistance. Immediate support seen at 1837 below 1837 a retest of 1822-1806 possible during the day, but big fall only will take place below 1805 if sustain more than 15 minutes, that can retest 1750-45 during this fall. Immediate resistance seen at 1868 above 1868 a rise may take place up to 1890-1910 during the day a daily closing above 1905 zone will completely neglect all our bearish view and up side rally may lead towards 2100+ in short term. Silver Comex: expected intraday trading range is between $40.30-42.60, silver is still moving in a band off 40.30-42.70 a buying and selling pressure seen near support and resistance of this band.   Intraday important level to watch is 40.30-40.20 zones. Below 40.20 we can see a big fall during the day. and next major support will be 38.70 below 40.20. bears need not to wor...

GOLD COMEX: intraday expected trading range is between 1810 -1885, yesterday nice recovery seen in gold and closed at 1869.90. Some strong up side moment can’t be ruled out if gold manage to hold above 1885 for some time. Immediate support seen at 1845 below 1845 fall may take it to 1822-1810 but 1810 is looking still a very strong support for gold. Intraday bears can look for selling around 1885-90 with stop loss of 1910 for expected targets of 1855-45-25 and intraday bulls can look for buying around 1814-20 range with stop loss below 1810. Today is weekly close also for international commodity markets so 1810 is a major level on weekly basis if gold manage to close below 1810 today then it may confirm a short term bear market for gold and a fall till 1750-1600 can’t be ruled out . SILVER COMEX: expected intraday trading range is between 41.20-43. Silver is still confusing and still taking support on support line of ascending parallel channel. Immediate support resistance seen at 42...

Gold COMEX: expected intraday trading range is between 1740-1880 trend is still looking weak on short term time frame. Immediate resistance seen at 1855 above 1855 rise may take it to 1880-85 area but we are expecting 1910 as an unbreakable resistance for the trader can use 1910 as stop loss if want to enter in sell around 1860-80 zones we are expecting this fall till 1750 in near term. Intraday important support to watch for gold are 1802 below 1802 fall may take it to 1770-1720 during the day and on midterm time frame2 consecutive close below 1745 will confirm a fall till 1600-1560 zones. Silver COMEX: Expected intraday trading range is between $39.50-42.50, yesterday nice recovery seen from its horizontal support of 40.20 to 41.79. currently silver is moving in a band of 41.20-41.80 a break above 41.80 may take it to 42.50-43 during the day selling on rise may be good idea for silver and 42.50-42.80 may be a good range for silver sellers we are expecting a fall till 39.40-38.80 du...

Now trader can book partial profit in our gold sell suggestion and rest hold with stoploss of 1860 we entered in this trade in range of 1895-1905 range and low made 1801 after our call 

As per this trade setup it seems that gold has defined a fresh top for short term at 1920 with double top formation and a nice selling pressure seen from top of 1920 and gold made 1859 low after hitting a fresh life time high. Selling pressure that appeared at 1920 is suggesting that professional traders are selling to get benefit of this double top formation.  Taking a short position near 1895-1905 area can prove a good trade with stop loss above 1925 if gold manage to hold above 1925 then this rally may take it up to 2035 mark. Otherwise we are expecting a good selling from current levels for targeting near 1750 in medium term.

Gold COMEX : intraday expected trading range is between 1870-1945,trend is bullish,   yesterday gold closed at 1900 a nice struggle seen near its resistance zone of 1907-10   and gold made 1904 high for the day. Today if gold manage to hold above 1910 zones for some time then we can see a good upside moment till 1927-1945 zones during the day. On intraday basis 1892 and 1880 levels are looking good support but major support is 1868 a failure below 1868 may take it to 1845-42 zones during the day. Silver COMEX: expected intraday trading zones is between 42-44, trend is bullish but it seems that silver is facing a very strong hurdle between 43.50-44 zones, as I have discussed earlier silver is trading in a rising channel on daily chart that is suggesting this rally may continue till 45.50-45.90 but for further confirmation silver must sustain above 43.50 zones for some then we can expect 45-45.50 for the day 42.30 zone is looking good support for the day a failure below 42.30 ...

from Sept. 05, 2011 to Sept. 09, 2011 Weekly Gold view: expected weekly trading range for gold is between 1800-2040, gold closed at 1881.95 after a sharp from its bottom of 1702 during this correction. We were expecting 1835 as a resistance for daily closing basis and 1860 on weekly closing basis and gold closed above 1860 on weekly basis now that is suggesting 1907 zones as a minor resistance zone. 2 consecutive closes above 1907 area on daily basis will confirm a fresh swing till 2035-40 zones for coming weeks. Immediate support seen at 1868 below 1868 may fall till 1845-40 that is looking very strong support zone a failure below 1840 zones may take it to 1810 and below 1810 very strong support at 1770.  Up side only 1907 is a major resistance above that we will see 2035 level on cards. Silver: expected weekly trading range for silver is between $41-48.50, closed at 43.24. Weekly expected hurdles are 44 and 45.50. Silver is moving in a rising trend channel on 240 minute time ...

Gold moving in a tight band between 1810-1840 as I wrote yesterday. Today major level to watch for gold is 1810 a failure below 1810 will take it 1780-1755 zones. Further upside only possible above 1842 other wise avoid buying for the day. Mcx trader can use 26950- 27420 as a tight band and selling pressure may take place below 26950 and gold will try to kiss it's recent support of 26630. Avoid buying till gold trading below 27420.