Commodities
Friday, MAY 06, 2011
GOLD (INR) & CRUDE
GOLD INR: (BOOK PROFIT):
Gold closed @22131 on 04/05/2011. It has made a high of 22856 on 30\04\2011. It has achieved my revised target of 22650 as written on 06/03/2011. It has almost reached near upper end of channel as anticipated as per chart attached.
Now it looks like wave-V ended in gold started from April 2010 from 16500 levels.
There will be correction started in gold from medium term perspective. One should book profit in gold at current levels or also in any pull back.
Trader can go for short with stop loss of recent high i.e-22856 as mentioned above.
We will see lower level targets of tgt1-20500 & target2-19500 in medium term initially in gold.
Any further UP trend in gold confirm only if sustain above recent high as mentioned above.
Similarly other precious metals Silver also ended wave-V & it has target of Rs-40000 initially in medium term.
One should use pull back to exit from both precious metals till it reverses.
CRUDE: (Eyeing for further lower levels)
Crude closed @$99.80 on 05\05\2011. It fell sharply after forming rising wedge distribution pattern as expected & also mentioned on my previous outlook of 29\04\2011.
It has broken crucial support of $110 on 03\05\2011 & fell sharply till $98 in single day till short term supports as per expectation. It has completed Zigzag pullback (WXY) pattern as per wave count at high of $ 114.83 on 02\05\2011.
It can bounce from these support levels ($95-$96) in short term. But overall medium term view is down. One can use every rise to exit &create fresh short with SL-$114.83 for the target of $80-$84 in medium term.
Now it looks like wave-V ended in gold started from April 2010 from 16500 levels.
There will be correction started in gold from medium term perspective. One should book profit in gold at current levels or also in any pull back.
Trader can go for short with stop loss of recent high i.e-22856 as mentioned above.
We will see lower level targets of tgt1-20500 & target2-19500 in medium term initially in gold.
Any further UP trend in gold confirm only if sustain above recent high as mentioned above.
Similarly other precious metals Silver also ended wave-V & it has target of Rs-40000 initially in medium term.
One should use pull back to exit from both precious metals till it reverses.
CRUDE: (Eyeing for further lower levels)
It has broken crucial support of $110 on 03\05\2011 & fell sharply till $98 in single day till short term supports as per expectation. It has completed Zigzag pullback (WXY) pattern as per wave count at high of $ 114.83 on 02\05\2011.
It can bounce from these support levels ($95-$96) in short term. But overall medium term view is down. One can use every rise to exit &create fresh short with SL-$114.83 for the target of $80-$84 in medium term.