gold and copper

$GOLD: comex gold nearby one good sup area (psychological too) is $1700. it seems here may try to make its 2nd shoulder, if so then it will become a inverse H&S and confirmation to get after
settling above neck line (ascending green line on chart), nearby days it may $1746/48 ($1750)or
may higher area if take longer time.

So, for mid to long term view is to long gold on dips with stop below $1700.





$COPPER: comex copper hold its sup area of 340c here for a longer time and seems may going to
form a rounded bottom here where nearby res will be 355c area.
RSI indicator also suggesting of building here on 340c.

So, for midterm view is to long hg at dips with stop below 340c.

COPPER to become semi-precious(?)

Uncertainty is rising and so volatility and volatility is a matter of concern. Copper outlook is bullish in long term while now short to midterm became positive.  

On daily picture copper has formed a double rounded bottom holding support area of 328c/lb and given a breakout of 355c/lb area and settled 364c/lb. and nearby target area seems 379/380c/lb.

On weekly another positive indication we are getting as taken out a trend resistance line and given a positive settlement which may hinting to get copper at psychological mark of $4/lb.

Everybody is talking about QE, it is almost certain more QE globally may today or tomorrow but if no QE anyway, then what (?), do you think all the metals and precious metals will fall and will be very cheap (?)… may there will be a sharp and sudden reaction pull prices down which will be very much temporary, investment demand and supply disruption and supply worry will push prices higher even for a new record.

Copper is tending to become semi-precious, the oldest metal of human generation.

NB: This for sharing thought and interest, not a trade recommendation. 

heading where:

HAPPY REPUBLIC DAY

Market after FOMC:

As per my last thought posted here its going fine till now. USDINR about to reach final target for now.

Cude oil:  yet to make a leap rather retested the support of $77.50/70 area and now seems getting ready for a very near term breakout above $101.50 area(settlement to watch) and again res of $103.8/104 will be the challenged to breached for a shoot up for possible target towards $115 (marked as*) followed by a mild res $104.80/105.20 and $108, $111.

Spread option is still looking fine . its within 12.3 to 10 till now.    

SPREAD OPTION: BUY $SWEET, SELL $BRENT

DOW(spot): 2011 high is now  facing the challenge.

GOLD: this move was due and given a solid breakout last night and pointing towards $1765, $1800, $1834/40. staying above and steadyness will challenge the record high.

SILVER: it was outshining gold for last few days. now to face res $33.70 and $35.50. breakout area as per continuation basis and spot basis is comming $36.50.

COPPER: Dr is supported abov $3.75, res $4.02, $4.20 and a range can consider within $3.75 to $4.20.

** market is risk, volatility making it riskier.