MCX Crude oil update for 02/02/2009

Crude oil has taken support at 2000-1980 levels.For fresh up move the crude oil has to move above 2090-2100 then the target will be 2280-2300.While the break of support line at 2000-1980 will take it to 1750 levels.

We also see a formation of pennant for 430 points.So trade carefully with strict stoploss!

MCX Gold update for 02/02/2009

Gold has had a nice rally so far bouncing off nicely from the crucial support level.On saturday it has given close above the parallel resistant line.

Now the gold has to sustain above the crucial resistant line at 14560-14590 levels for fresh upmove.If closed above this levels expected big move in gold.Whereas failure to break above the resistant will 13750-13720 levels and more