MCX Gold December Weekly: Further Weakness Is Below 29300

Report for Date: 24/10/2016

MCX Gold (Price figures below are in Rs/INR per Kg)

Expect higher range of 30139-30602.

Cover short position at 29870-29300.

Sell is below 29300 and till then cover short position.

Upside looks locked and may not cross 30602.

Therefore, rise to 30139-30602 can be used to exit long position.

Long term physical investors can accumulate at retracement levels of 28410 and 27511 as and when the opportunity arises.

Expect sideways volatility as long as 29300 is not violated.

Deeper correction can be witnessed on fall and close below 29300.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Short	29946.0	29959.4	DOWN	29578.0	7.10	29213	29676	29870	30139	30602

*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
29946.0	1.0	60259000	33.6	8133	-1.2	Positive	Unwinding

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
47.60	5.88	20.23	27.75	226.13	-23.59	47.60	6.04

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.