Gold Daily chart update - 21 May 2010

Dear Members,

Chart as on 21^st May 2010: Gold has corrected in the range of $1174-$1154 given in my earlier update on 13^th May 2010 from recent top of $1248,
higher gold prices drew in funds and CB to sell their holding @ new top.

The Recent fall has not yet affected the Gold Bull Run, trend line support exists @ $1140 (above in chart).
Gold has immediate resistance in range of $1185-$1195 by crossing which it may try to touch $1207 and $1217.
If gold failed to cross the immediate resistance range, it may fall further to find support @ $1140, $1124 levels.   

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Commodity Daily

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.

Correlation between Gold and Dollar Index and Inverted correlation between Gold and Euro !!

Please find attached analysis for your reference. Gold has corrected as per my last report on 13 May 2010.

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Commodity Daily

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.

Buzz from Gaurav Bhavsar

To: commoditydaily <commoditydaily@gmail.com>

 Link to this post:
 http://www.google.com/buzz/108888650464823228323/c229tvw7w7T/Gold-has-very-good-support-in-the-range-of-1156

May 6 Gaurav Bhavsar: Gold has very good support in the range of $1156-$1146; Gold has taken support @ $1157(low) on 5th May 2010 and jumped back to $1174.
The right shoulder of Inverted head and shoulder formation expanded bit more than usual after breaking above neckline, however the Greece
debt concern still holding Gold up even after recent panic in Industrial metals. Gold must cross and close above $1192 (the recent high on 4th
May 2010) to complete the target of $1248 indicated above in chart, however any point of time Gold cross and close below $1124 will
invalidate the Inverted Head and Shoulder formation target. Keep an eye on "Non-farm Payroll" releasing on Friday 7th May 2010.
May 7 amit daga: true another charts project the target to 1260, with euro more on decline gold is expected to stay upside
May 12 Gaurav Bhavsar: :) gold trading $1235 .....haaaaa
3:25 pm Gaurav Bhavsar: Target achieved gold made high of $1248 yesterday. :)

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Thanks,
Commodity Daily

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.

Gold weekly chart update 13 May 2010 - Target achieved of $1248

Gold Spot has completed expected target of $1248 (^ $126) of IHNS formation formed between Dec2009 to Apr2010, now Gold may try to complete the leftover target of another IHNS formation formed between Mar2008 to Sep2009 in the range of $1300-$1336(^ $351). Gold may correct or find support in the range of $1220-$1195 before heading to the next top. Gold short term support exist in the range of $1170-$1154 and medium term support around $1044 which is also RBI buying level of 200MT of Gold. Gold 20 days and 50 days MAVG are $1146 and $1106 respectively. At any point of time Gold closing below $1146 will invalidate the above targets.

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Commodity Daily

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Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.

Global Weekly Pivots – 10th May 2010 to 14th May 2010

Global Weekly Pivots – 10^th May 2010 to 14^th May 2010

11/05/2010 20:07
** P W HIGH = Previous Week High, P W LOW = Previous Week Low, S  = Support  , R = Resistance
IF "COMMODITY" & "+ / -" BOTH COLUMN ARE IN "RED" = BEARISH & IF "GREEN" = BULLISH
COMEX
COMMODITY	P W HIGH	P W LOW	P CLOSE	S4	S3	S2	S1	PIOVT	R1	R2	R3	R4	+ / -
GOLD JUNE 10	1214.90	1156.20	1210.40	1019.73	1078.43	1137.13	1176.75	1195.83	1235.45	1254.53	1313.23	1371.93	29.70
SILVER JUL 10	18.89	17.08	18.45	12.80	14.61	16.42	17.58	18.23	19.39	20.04	21.85	23.66	-0.19
CRUDE JUN 09	87.15	74.51	75.11	40.59	53.23	65.87	69.87	78.51	82.51	91.15	103.79	116.43	-11.04
LME
ALUMINIUM 3 M	2239.00	2050.00	2072.50	1548.13	1737.13	1926.13	1991.25	2115.13	2180.25	2304.13	2493.13	2682.13	-185.50
COPPER 3 M	7342.00	6632.75	6945.00	4857.19	5566.44	6275.69	6627.88	6984.94	7337.13	7694.19	8403.44	9112.69	-490.00
NICKEL 3 M	26469.00	20450.00	22550.00	4935.25	10954.25	16973.25	19515.50	22992.25	25534.50	29011.25	35030.25	41049.25	100.00
TIN 3 M	18399.00	17000.00	17600.00	13477.75	14876.75	16275.75	16950.50	17674.75	18349.50	19073.75	20472.75	21871.75	-50.00
ZINC 3 M	2290.00	2001.00	2091.00	1256.00	1545.00	1834.00	1956.00	2123.00	2245.00	2412.00	2701.00	2990.00	-204.00
LEAD 3 M	2230.00	1871.00	2050.00	975.75	1334.75	1693.75	1875.50	2052.75	2234.50	2411.75	2770.75	3129.75	-145.00
CURRENCIES
USDINR	45.7250	44.4900	45.4800	41.4425	42.6775	43.9125	44.5700	45.1475	45.8050	46.3825	47.6175	48.8525	1.1225
USDSGD	1.4105	1.3692	1.3953	1.2651	1.3064	1.3477	1.3674	1.3890	1.4087	1.4303	1.4716	1.5129	0.0247
EURUSD	1.3362	1.2522	1.2705	1.0330	1.1170	1.2010	1.2338	1.2850	1.3178	1.3690	1.4530	1.5370	-0.0567
GBPUSD	1.5337	1.4476	1.4780	1.2279	1.3140	1.4001	1.4387	1.4862	1.5248	1.5723	1.6584	1.7445	-0.0502
SGDINR	32.7215	32.0710	32.6835	30.5399	31.1904	31.8409	32.2614	32.4914	32.9119	33.1419	33.7924	34.4429	0.3164
DOLLAR INDEX	85.2680	81.8340	84.4500	73.6973	77.1313	80.5653	82.7305	83.9993	86.1645	87.4333	90.8673	94.3013	2.5840
USDJPY	94.9900	87.9900	91.6900	70.9825	77.9825	84.9825	88.9750	91.9825	95.9750	98.9825	105.9825	112.9825	-2.3500
ASIAN & AMERICAN MARKETS
BSE	17493.28	16684.13	16769.11	14649.07	15458.22	16267.37	16659.75	17076.52	17468.90	17885.67	18694.82	19503.97	-789.60
NSE	5278.70	4984.60	5018.05	4235.48	4529.58	4823.68	4956.85	5117.78	5250.95	5411.88	5705.98	6000.08	-259.95
STRAITS TIMES	2959.70	2775.20	2821.11	2307.64	2492.14	2676.64	2762.59	2861.14	2947.09	3045.64	3230.14	3414.64	-153.50
HANG SENG	21011.95	19699.50	19920.29	16307.22	17619.67	18932.12	19477.19	20244.57	20789.64	21557.02	22869.47	24181.92	-1188.30
DOW	11177.67	9869.62	10380.43	6529.33	7837.38	9145.43	9729.28	10453.48	11037.33	11761.53	13069.58	14377.63	-628.18
NASDAQ	2503.00	2185.75	2265.64	1378.34	1695.59	2012.84	2157.18	2330.09	2474.43	2647.34	2964.59	3281.84	-195.55
NIKKEI 225	10847.90	10257.32	10364.59	8756.52	9347.10	9937.68	10208.63	10528.26	10799.21	11118.84	11709.42	12300.00	-692.81
This research report is prepared for general information. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.

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Thanks,
Commodity Daily

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BLOG : http://commoditydaily.blogspot.com

Note- Members express their own view  & may be or may not be having investment or speculative positions in the commodity, please do not take it as buy or sell call, pl use  own judgments for buying or selling, after having discussion with your certified investment brokers or the person to whom u  have good level of confidence. once sentiment is changed from good to bad no good news work but bad news do work, investors must keep this in mind.
NEW INVESTORS SHOULD BE VERY CAREFUL.