World market update for 23/06/2009

Gold closed sharply lower on Monday marking a downside breakout of last week's narrow trading range. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.

Silver closed sharply lower on Monday marking a downside breakout of last week's trading range. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

DJI closed lower on Monday as it extended last week's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. SPI closed sharply lower on Monday as it extended last week's breakout below the 20-day moving average. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. NDI closed sharply lower on Monday due to the economic outlook. Today's decline confirmed a downside breakout of last week's trading range thereby renewing the decline off this month's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term.

Crude Oil closed sharply lower on Monday and closed below the 20-day moving average crossing confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends today's decline, the 25% retracement level of this spring's rally crossing is the next downside target.

Nifty daily chart update for 23/06/2009

World market update for 22/06/2009

BULLION

Gold posted an inside day with a slightly lower close on Friday as it comsolidated last week's narrow trading range. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.

Silver closed lower on Friday while extending last week's trading range. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews this month's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would temper the near-term bearish outlook in the market.

U.S. STOCK MARKET INDICES

DJI closed lower on Friday as it consolidates below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If the Dow extends last week's decline, the reaction low crossing is the next downside target. SPI closed higher on Friday due to short covering but remains below the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. NDI closed higher due to short covering on Friday as it extends last week's trading range. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term.

ENERGY

Crude Oil posted a key reversal down on Friday and closed below the 10-day moving average crossing signalling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signalling that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

Natural Gas closed lower on Friday due to profit taking as it consolidated some of last week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends last week's rally, May's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Nifty daily chart update for 22/06/2009

World market daily update for 19/06/2009

BULLION

Gold posted a downside reversal and closed lower on Thursday ending a two-day short covering bounce off Monday's low on speculation that a stronger dollar will reduce its investment appeal. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term low has been posted. ENERGY Crude Oil closed higher on Thursday after reports signalled that the U.S. economy will rebound later this year, prompting an increase in energy demand. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bearish signalling that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Silver closed lower on Thursday while extending this week's trading range as a stronger dollar and an improving U.S. economy will reduce its investment appeal. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews this week's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would temper the near-term bearish outlook in the market.

U.S. STOCK MARKET INDICES

DJI closed higher due to short covering on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. SPI closed higher due to short covering on Thursday as it consolidates some of this week's decline but remains below the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. NDI posted an inside day with a slightly lower close on Thursday as it extends this week's narrow trading range. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term.

Nifty daily chart update for 19/06/2009

World market update for 18/06/2009

BULLION

Gold closed higher due to short covering on Wednesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short- term low has been posted.

Silver closed higher on Wednesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain bearish signalling that sideways to lower prices are possible near-term. If it extends Monday's decline, the reaction low crossing is the next downside target. Closes above last Thursday's high crossing would temper the near-term bearish outlook in the market.

U.S. STOCK MARKET INDICES

DJI closed lower on Wednesday as it extended this week's decline below the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. SPI closed lower on Wednesday as it extends Tuesday's decline below the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. NDI closed higher on Wednesday due to short covering and closed above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term.

ENERGY

Crude Oil closed higher due to short covering on Wednesday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bearish signalling that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short- term top has been posted.

Natural Gas closed lower on Wednesday due to profit taking as it consolidates some of this spring's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging and are turning bearish hinting that a short-term top might be in or is near. If it extends this spring's rally, the 38% retracement level of the 2008- 2009-decline crossing is the next upside target.

Nifty daily chart update for 18/06/2009

Nifty daily chart update for 17/06/2009

Nifty daily chart update for 16/06/2009

World commodity market update for 15/06/2009

0il is still declining, pressuring the minor support levels. It's approaching 38.2% Fibonacci levels around 70.90 which represents the neckline of a classical bearish pattern, targeting 69.40 as a first target, followed by 68.60 inside the upward channel appearing on the above four-hour chart. Hence we expect a downside movement on the intraday basis towards 67.40 after 69.45 is breached .72.25 should hold to protect this scenario.

The trading range for today is among the key support at 67.40 and the key resistance at 74.20.

The general trend is to the upside as far as 47.20 remains intact with targets at $76.25 a barrel.

Support: 70.90, 70.25, 69.45, 68.60, 67.55
Resistance: 71.75, 72.40, 73.45, 74.20, 74.70

Recommendation: According to our analysis, sell the contract below 70.90 with targets at 69.45 and stop loss with a four-hour close above 71.75.

Gold has closed negatively the past Friday , forming a classical [head and shoulders top] pattern as seen on the above four-hour chart. Now, a very slight upside movement is anticipated towards 942.00 zones where the metal needs to re-test the neckline of the pattern. This action is also supported by RSI-RVI combination signal, but it will be followed by a bearish trend towards the technical target of the pattern at [900.00-896.00] areas on the short term basis. Ribbons-EMA10-80- overlapping protects this negative scenario.

The trading range for today is among the key support now at 912.00 and key resistance now at 966.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 934.00, 930.00, 925.00, 922.00, 916.00
Resistance: 942.00, 948.00, 955.00, 963.00, 966.00

Recommendation: According to our analysis, sell gold at 941.00 with targets at 922.00 and stop loss at 955.00

Nifty daily chart update for 15/06/2009

world commodity and US market update for 12/06/2009

Gold closed lower on Thursday in late day trading as it extended the decline off last week's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. Closes below Monday's low crossing are needed to confirm that a short-term top has been posted while opening the door for additional weakness near-term. If it renews the rally off April's low, February's high crossing is the next upside target.

Silver closed higher due to short covering on Thursday but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews this spring's rally, the 75% retracement level crossing is the next upside target.

U.S. STOCK MARKET INDICES

DJI closed higher on Thursday while extending this spring's rally. A late-day sell off tempered early gains and the mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. SPI closed higher on Thursday as it extends this spring's rally. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but are turning neutral signalling that sideways to higher prices are possible near-term. NDI closed unchanged on Thursday as it consolidates some of this spring's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but are neutral signalling that sideways to lower prices are possible near-term.

ENERGY

Crude Oil closed higher on Thursday as it extends this spring's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastic and the RSI are overbought, diverging but are bullish signaling that sideways to higher prices are possible near-term. If it extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Natural Gas closed higher on Thursday and above the 20-day moving average crossing confirming that a short- term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends today's rally, the reaction high crossing is the next upside target. If it extends the decline off May's high, April's low crossing is the next downside target.

Nifty daily chart update for 12/06/2009

World commodity chart update for 11/06/2009

Oil is still inclining steadily towards the projected target of 73.00 accompanied by overbought signs appearing on the momentum indicators. We see that a downside movement will occur from these mentioned areas and will be expected to reach 70.80 before resuming the normal actions towards 66.40 inside the initial channel. Note that 73.00 should hold to protect this bearishness.

The trading range for today is among the key support at 68.60 and the key resistance at 76.15.

The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.

Support: 71.60, 71.10, 70.25, 69.70, 69.10
Resistance: 73.00, 73.95, 74.70, 75.95, 76.95

Recommendation: According to our analysis, sell the contract below 73.00 with targets at 70.80 and stop loss with a four-hour closing above 73.95.

GOLD

According to our captured short term Elliott sequence; we see that the fifth wave might have started around 941.00 zones as it succeeded to place the first internal wave at 964.00 and the correction reached 76.4% Fibonacci at 946.00 marking the second internal wave. Therefore, we think that the third internal wave is in progress. Note that if our count is correct, then 941.00 should hold to protect the anticipated impulsive upside action.

The trading range for today is among the key support now at 925.00 and key resistance now at 996.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 952.00, 945.00, 940.00, 935.00, 925.00
Resistance: 963.00, 973.00, 984.00, 992.00, 996.00

Recommendation: According to our analysis, buy gold at 955.00 with targets at 973.00 and stop loss at 941.00

Nifty daily chart update for 11/06/2009

Nifty daily chart update for 10/06/2009

World commodity chart update for 09/06/2009

Oil bearish action was stopped at 50% Fibonacci whereas the price inclined once more, reaching $ 68.50 a barrel. We see that additional downside movements are anticipated today as a result for the negative pressure appearing on the momentum indicators, targeting to reach the lower line of the upward channel at 65.15 but note that 67.56- minor support- should be broken first and also 68.90 should protect this scenario

The trading range for today is among the key support at 65.15 and the key resistance at 71.85.

The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.

Support: 67.56, 66.65, 65.15, 64.30, 63.40
Resistance: 68.90, 69.45, 70.20, 70.70, 71.40

Recommendation: According to our analysis, sell the contract below 67.56 with targets at 66.65 followed by 65.15 and stop loss with a four-hour close above 68.35.

Gold is still building a technical base above the pivotal zones of 940.00-945.00. This zone is treated as the place of the PRZ -potential reversal zone- for the captured bullish harmonic pattern as seen on the above four-hour chart. Although momentum indicators are neutral yet AROON up is adjusting upwards claiming that the short trend is about to be changed. Therefore we still keep our outlook to the upside on the intraday basis as far as 930.00-925.00 areas remain unbroken.

The trading range for today is among the key support now at 916.00 and key resistance now at 984.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 942.00, 936.00, 930.00, 925.00, 916.00
Resistance: 952.00, 956.00, 963.00, 972.00, 984.00

Recommendation: According to our analysis, buy gold at 946.00 with targets at 963.00 and stop loss at 932.00.

Nifty daily chart update for 09/06/2009

Nifty daily chart update for 08/06/2009

Nifty daily chart update for 05/06/2009

Nifty daily chart update for 04/06/2009

World commodity chart update for 03/06/2009

Oil approached our suggested target around 69.40 while the consolidation continues between 69.00 and 68.00 zones accompanied by a pivotal resistance point at 70.05 whereas the target of intraday basis lays. There is a big possibility for a downside correction from the mentioned level towards 67.00 areas. We see that 67.00 zones will help it to gather the momentum needed to incline again reaching the projected target of the short term direction at 73.00 zones. Carefully note that 64.00 zones shouldn't be broken.

The trading range for today is among the key support at 64.00 and the key resistance at 73.00.

The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.

Support: 68.10, 67.90, 66.50, 66.00, 65.20
Resistance: 69.40, 70.05, 71.05, 71.80, 72.90

Recommendation: According to our analysis, sell the contract below 70.00 with targets at 68.10 and stop loss with a four-hour close above 71.05.

Silver

Silver succeeded to reach the first projected target of the bullish stick sandwich pattern which we discussed yesterday placing a temporary high at 16.16. Now, a slight correction is needed before resuming the bullishness towards the medium term target at 16.50 in order to relieve the indicators which are moving inside an overbought area. Only a break of 15.65 can invalidate this positive scenario.

The trading range for today is among the key support at 15.25 and key resistance now at 16.85.

The general trend is to the upside as far as 10.95 remains intact with targets at 16.85.

Support: 16.00, 15.93, 15.86 ,15.77, 15.65
Resistance: 16.20, 16.29, 16.37, 16.49, 16.65

Recommendation: According to our analysis, buy silver at 16.00 with targets at 16.40 and stop loss at 15.65

Gold

Gold is still proceeding it's bullishness towards the projected target for theshort term basis of the harmonic Crab. The potential reversal zone -D- is technically valued at 997.00 zones but it may extend further to re-test the medium term top at $ 1006.00 per ounce. Therefore we will keep our overview to the upside as far as 969.00 remains unbroken. Carefully note that a slight corrective action can occur to relieve the indicators before resuming the positive scenario.

The trading range for today is among the key support now at 956.00 and key resistance now at 1015.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 982.00, 976.00, 972.00, 966.00, 956.00
Resistance: 992.00, 997.00, 1006.00, 1010.00, 1016.00

Recommendation: According to our analysis, buy gold at 982.00 with targets at 997.00 and stop loss at 969.00.

Nifty daily chart update for 03/06/2009

Nifty daily chart update for 02/06/2009

World commodity chart update for 01/06/2009

Gold closed sharply higher on Friday as it extends this month's rally. Fears over inflation have lead to some investors moving cash into hard assets and precious metals as a hedge against inflation. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off April's low, February's high crossingi is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Silver closed higher on Friday and tested the 62% retracement level of last summer's decline crossing. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but are neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this spring's rally, the 75% retracement level crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

U.S. STOCK MARKET INDICES

DJI closed higher in quiet end-of-month trading on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible near-term. SPI closed higher on Friday as it extended this week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. NDI closed higher on Friday due to a late-session rally and spiked above the previous reaction high crossing. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term.

ENERGY

Crude Oil closed higher on Friday as it extends this spring's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near- term. If it extends the rally off April's low, the 25% retracement level of the 2008-2009 decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

Natural Gas closed lower due to profit taking on Friday as it consolidates some of Thursday's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews last week's decline, April's low crossing is the next downside target.

Nifty daily chart update for 01/06/2009