Commodities
FRIDAY, MAY 15, 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:(Bearish)
Crude closed @ $74.70 as on 13\05\2010. It has broken down & closed below rising channel (crucial support for crude as mentioned earlier) as per attached chart.
As I written in my previous mail on crude about my wave count of double Zigzag (W-X-Y-X-Z) in wave-X pull back. It has completed final wave-Z of double zigzag at high of 87.15 on 03\05\2010.
Now, we can target larger correction at medium term level. It has immediate short term target of $69 (crucial supports). It can do pull back from this levels in short term. Unable to hold this supports will lead to panic sell of till my medium term target without any pull back.
My overall view on crude is bearish with SL-$ 87.15 till it’s proven other wise for the target of $58 to$ 53. One can use pullback to liquidate long & build up fresh shorts.
Momentum indicators (KST\MACD) on daily/weekly charts also confirming SELL.
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:15/05/2010 (BEARISH)
Crude:(Bearish)
Crude closed @ $74.70 as on 13\05\2010. It has broken down & closed below rising channel (crucial support for crude as mentioned earlier) as per attached chart.
As I written in my previous mail on crude about my wave count of double Zigzag (W-X-Y-X-Z) in wave-X pull back. It has completed final wave-Z of double zigzag at high of 87.15 on 03\05\2010.
Now, we can target larger correction at medium term level. It has immediate short term target of $69 (crucial supports). It can do pull back from this levels in short term. Unable to hold this supports will lead to panic sell of till my medium term target without any pull back.
My overall view on crude is bearish with SL-$ 87.15 till it’s proven other wise for the target of $58 to$ 53. One can use pullback to liquidate long & build up fresh shorts.
Momentum indicators (KST\MACD) on daily/weekly charts also confirming SELL.