Report for Date: 23/05/2016
MCX Gold (Price figures below are in Rs/INR per Kg)
Correction to 29013-28959 and 27970 is likely to be witnessed in near term before making attempt to move higher.
Expect 29013-28959 range at least.
Resistance is at 29861-30099-30538.
Further rally can continue above 30538.
Traders long and holding the same may use rise to 29861-30099 to exit long and re-
enter if the close is above 30538.
Lower range for the week can be 29453-28807.
The DRV of 28433 could be tested on current correction with volatility for near term.
Correction to 28433 or below can be used for accumulation with a stop loss of 27970.
TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Long
|
29691.00
|
28433.10
|
UP
|
29131.0
|
8.04
|
28807
|
29453
|
29861
|
30099
|
30745
|
*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
|
Last Close
|
Price G/L%
|
Volume
|
V -G/L%
|
Open Interest
|
OI -G/L %
|
Candle
|
Position
|
|
29691.0
|
-1.1
|
74067000
|
-8.9
|
6257
|
-15.4
|
Negative
|
Unwinding
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
61.20
|
-5.24
|
74.43
|
-15.88
|
856.54
|
-3.10
|
46.53
|
-7.76
|
Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.
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