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MCX Gold Oct: Strong resistance placed around 30318 level; Buy

Way2wealth | 04 Sep, 2017  | Follow Author | Add to my Favourites 
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Technical View:

 

MCX GOLD OCT: In the last week, Gold prices started on a strong note and rallied strongly for the first two consecutive sessions till high of 29937. Later prices corrected slightly and rose again for the remaining week and closed around 29823 level.


- Previously, prices have been consolidating in a narrow range after taking strong resistance near previous multiple highs placed around 29600 level. Prices have broken out from these levels and rallied strongly in the previous week.


- Prices are expected to rise further from these levels towards next strong resistance placed around 61.8% Fibonacci retracement of its fall from high of 32455 till low of 26862, which is placed at 30318 level.


- On lower side, immediate support is placed around 29600 level.


Recommended Action:
Buy.

         

MCX SILVER DEC: Silver prices opened higher in the last week and prices rose strongly for the whole week till high of 40970 level. Prices closed strongly on weekly basis around 40926 level.


- Prices have broken out from its falling trend channel pattern in the last week and closed above the same on weekly basis.


- Prices are expected to continue this rally from these levels towards next strong resistances placed around 78.6% Fibonacci retracement of its fall from high of 43065 till low of 35460, which is placed around 41862 level.


- On the lower side immediate supports are placed around 40300 and 39400 levels.


Recommended Action:
Buy. 

     

MCX COPPER NOV: In the last week, Copper prices opened higher with gap and prices continued to rise gradually for most of the week till high of 442.25.


- Cooper have been rallying strongly since last few weeks after breaking out from its short term declining trend line resistance placed around 412 level.


- Prices have also broken and closed above its previous swing high placed at 439.40 level.


- Copper is expected to continue this rally from these levels towards next strong resistance placed around 78.6% Fibonacci retracement of its fall from high of 512.65 till low of 291.50, which is placed around 465.30 level. On the lower side immediate supports are placed around 434 and 412 levels.


Recommended Action:
Buy.

 

MCX NICKEL SEP: 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 NATURAL GAS SEP: Natural Gas prices started the week on a flat note and prices corrected till low of 182.20 in Monday’s session. Later prices recovered strongly and rose for the remaining week and made a high of 197.70.


- Prices have broken out from its short term declining trend line resistance and closed above the same in the last week.


- Natural Gas is expected to rise further from these levels towards next strong resistances placed around its previous swing high of 220 level.


- On the lower side immediate supports are placed around 193 and 182 levels. Buying in minor pullbacks is recommended for the short-term trading opportunities.


Recommended Action: Buy.

 

NCDEX GUAR GUM OCT: Guar Gum prices opened flat in the last week and prices initially rose for the first session till high of 9023 level. Later prices corrected sharply for the remaining week till low of 8034.


- Prices have fallen sharply after a strong rally in the previous two months and made a bearish engulfing candlestick pattern on the weekly chart, which is suggesting a short-term trend reversal in the commodity.


- Prices are expected to correct further from these levels towards immediate supports placed around 50% & 61.8% Fibonacci retracements of its rally from low of 6578 till high of 9023, which are placed around 7800 and 7512 levels respectively.


- On the higher side immediate resistances are placed around 8530 and 8900 levels.


Recommended Action: Sell.


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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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