Commodities
MONDAY, MAY 03, 2010
GOLD
INDIAN GOLD: 03/05/2010
Gold (INR):( Bullish)
Gold closed @ 17125 on 30\04\2010. I have discussed both bearish & bullish possible scenario in my last update on gold on 23\04\2010 based on price confirmation on either of the side.
Gold has given price confirmation on bullish side; it has given breakout above 17095 levels. Sustain above this levels will lead to immediate target of 17400-17600 levels targets in short term (Inverted H & S target). These levels are final confirmation of Wave-5 beginning in Gold for new high & upper end of channel targets (i.e. 20800 levels).
One can remain bullish in Gold on every decline. My overall view on Gold is bullish till it’s above 16200 levels for higher targets. Momentum Indicators (KST) on daily & weekly charts are also supporting in favor of Bulls.
Crude closed at $85.88 as on 07/04/2010. As per attached chart Crude is moving in channel. It can go at least till upper end of the channel i.e. - $94 to $97 in short term, Able to hold above channel will lead to target of $105 (i.e. - 61.8% retracement of entire fall from high of $ 146.75 to low of $ 35.98.
My Preferred wave Count for crude is double Zigzag (W-X-Y-X-Z) in wave-X pull back & we are in final Wave-z of X
$81 is crucial support for the Crude on daily chart for short term trading.
Momentum Indicators on daily/weekly/Monthly chart of crude all in BUY.
My overall view on crude is bullish till it’s above $74.
Gold (INR):( Bullish)
Gold closed @ 17125 on 30\04\2010. I have discussed both bearish & bullish possible scenario in my last update on gold on 23\04\2010 based on price confirmation on either of the side.
Gold has given price confirmation on bullish side; it has given breakout above 17095 levels. Sustain above this levels will lead to immediate target of 17400-17600 levels targets in short term (Inverted H & S target). These levels are final confirmation of Wave-5 beginning in Gold for new high & upper end of channel targets (i.e. 20800 levels).
One can remain bullish in Gold on every decline. My overall view on Gold is bullish till it’s above 16200 levels for higher targets. Momentum Indicators (KST) on daily & weekly charts are also supporting in favor of Bulls.
CRUDE:09/04/2010 (BULLISH)
Crude closed at $85.88 as on 07/04/2010. As per attached chart Crude is moving in channel. It can go at least till upper end of the channel i.e. - $94 to $97 in short term, Able to hold above channel will lead to target of $105 (i.e. - 61.8% retracement of entire fall from high of $ 146.75 to low of $ 35.98.
My Preferred wave Count for crude is double Zigzag (W-X-Y-X-Z) in wave-X pull back & we are in final Wave-z of X
$81 is crucial support for the Crude on daily chart for short term trading.
Momentum Indicators on daily/weekly/Monthly chart of crude all in BUY.
My overall view on crude is bullish till it’s above $74.