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You are here : IndiaNotes >> Market Action >> Technical

Buy MCX Gold Oct: Prices are expected to rise further

Way2wealth | 30 Aug, 2017  | Follow Author | Add to my Favourites 
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Technical View:

 

MCX GOLD OCT: In the last week, Gold prices opened flat and prices consolidated initially for most of the week in the range of 29000-29300 levels. In Friday’s trade, prices corrected sharply till low of 28777 but recovered strongly by end of the session and closed on flat note on weekly basis.


- Gold have retested the medium term declining trend line after giving breakout from the same in the last week.


- Prices have bounced back after retesting the trend line breakout level while, RSI (14) has broken out from its declining trend line resistance on the weekly chart.


- Gold prices are expected to rise further from these levels towards next strong resistance placed around this year’s high of 29785 level.


Recommended Action:
Buy.

         

MCX SILVER SEP: Silver prices opened flat in the last week and prices corrected for most of the week in a sideways pattern till low of 38313.


- Prices have been consolidating in a range of 38300-39300 levels after recovering gradually in the previous weeks.


- Prices have reversed after taking strong support around its declining trend line of the falling trend channel pattern and around its 78.6% Fibonacci retracement of its rally from low of 33030 till high of 48932, which is placed around 36433 level.


- Prices are expected to rise further from these levels towards next strong resistance placed around its medium term declining trend line currently near 40500 level.


Recommended Action: Buy. 

     

MCX CRUDE OIL SEP: Last week, Crude Oil prices started on negative note and tested lows of 3013 level. Thereafter, prices consolidated for the remaining week in the range of 3020-3120 level.


- Prices have taken strong support at its short term rising trend line after breaking out from its short term declining trend line resistance in the previous weeks and retested the same after correcting sharply in the previous week.


- Prices are expected to rise from these levels towards immediate resistances placed around 3120 and 3220 levels.


- On the lower side immediate supports are placed around 3030 and 2980 levels.


Recommended Action: Buy.

 

MCX COPPER AUG: Copper prices opened strongly higher in the last week and prices rose consistently for most of the week till high of 430.95.


- Prices have rallied strongly in the last two weeks after breaking out from its medium term declining trend line resistance in the previous weeks.


- Prices are expected to rise further from these levels towards next strong resistance placed around its previous swing high of 439.40 level.


- On the lower side, immediate strong supports are placed around 422 and 413 levels.


- Buying in small pullbacks is recommended for the short-term trading opportunities.


Recommended Action: Buy.

 

MCX CPO AUG: Crude Palm Oil prices have recovered strongly in last three weeks after prices took strong support at 50% Fibonacci retracement of its previous rally from low of 351.80 till high of 599.70, which is placed at 475.75 level.


- Prices have resumed its bullish trend after retesting its previous breakout level of 474.50 and breaking out from its short term declining trend line resistance in the previous month.


- Prices are expected to remain bullish for short to medium term and are likely to rise further towards next resistances placed around 526 and 537 levels.


- On the lower side immediate supports are placed around 512 and 504 levels.


Recommended Action: Buy.

 

NCDEX RM SEED SEP: RM Seed prices have recovered strongly in the last 3 months from its bottom of 3461 made in Jun’17 month.


- Prices have broken out from previous resistance placed at 3787 level and have closed above 23.6% Fibonacci retracement of its fall from high of 5023 till low of 3461, which is placed around 3830 level.


- Prices are expected to rise further towards 38.2% Fibonacci retracement placed around 4058 level.


- On the lower side, immediate strong supports are placed around 3800 and 3720 levels. Buying on dips is recommended for the short term trading opportunities.


Recommended Action:
Buy.


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About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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