Buy MCX Gold Dec: Immediate resistances are placed around 29700 and 30200 levels | Commodity trading | Technical views on commodities | Indianotes.com


Technical View:

 

MCX GOLD DEC: In the last week, Gold prices opened flat and prices corrected for most of the week till low of 29312. Prices recovered strongly in the last session and closed flat on weekly basis.


– Prices have broken down from its short term rising trend line support in the previous week and corrected sharply after that.


– Prices have made a bearish shooting star candlestick pattern on the monthly chart, which is suggesting further correction towards next strong support placed around 61.8% Fibonacci retracement of its recent rally from low of 27603 till high of 30474, which is placed around 28700 level.


– On the higher side immediate resistances are placed around 29700 and 30200 levels.


Recommended Action: Sell.

          

MCX SILVER DEC: Silver prices opened slightly lower in the last week and prices corrected for most of the week till low of 38710. Prices recovered strongly in the last session and closed slightly higher on weekly basis.


– Prices have been correcting since last four weeks after breaking out from its medium term declining trend line resistance and failed to sustain above its breakout level.


– Prices have also broken down from its short term rising trend line support and are expected to correct further from these levels towards next strong support placed around 61.8% Fibonacci retracement of its recent rally from low of 35460 till high of 41927, which is placed around 37930 level. On the higher side immediate resistances are placed around 39800 and 40600 levels.


Recommended Action:
Sell. 

     

MCX COPPER NOV: Copper prices opened slightly lower with gap in the last week and prices consolidated for first half of the week in the range of 426-432 levels. Later prices rose strongly for the remaining week till high of 442.20.


– Prices have resumed its bullish trend in the last three weeks after taking strong support around its previous multiple highs placed near 415 level.


– Prices are expected to continue this rally towards immediate resistance placed around its recent high of 451.35 level, which is also around 78.6% Fibonacci extension of its previous rally from low of 291.50 till high of 414.80 level.


– On the lower side immediate supports are placed around 431 and 417 levels.


Recommended Action:
Buy.

  

MCX CRUDE OIL OCT: In the last week, Crude Oil prices opened lower with gap and prices corrected for most of the week till low of 3223.


– Previously prices have rallied after taking strong support around 50% Fibonacci retracement of its rally from low of 1805 till high of 3780, which is placed around 2792 level.


– Prices have made a potential inverse head and shoulder chart pattern, which is a bullish pattern. Neckline of the pattern is placed around 3680 level.


– Prices are expected to rise further from these levels towards immediate resistance placed around its neckline near 3680 level. On the lower side immediate supports are placed around 3230 and 3010 levels.


Recommended Action: Buy.

 

NCDEX SOY OIL NOV: Soy Oil prices have corrected sharply in the last two weeks from its recent high of 682.85.


– Prices have broken down from strong support of short term rising trend line and closed below the same in the previous week.


– Prices are expected to fall further from these levels towards next strong supports placed around 23.6% & 38.2% Fibonacci extension of its fall from high of 744.05 till low of 609.45, which are placed around 651.10 and 631.40 levels respectively.


– On the higher side immediate resistances are placed around 664 and 681 levels. Selling on rise is recommended for the short-term trading opportunities.


Recommended Action: Sell.

 

NCDEX JEERA NOV: Jeera prices have been correcting gradually since last few weeks after making a high of 20385 and made a potential double top chart pattern.


– Previously prices have rallied strongly for multiple times after taking strong support at its medium term rising trend line.


– Currently prices are trading in a corrective move and are expected to fall further from these levels towards next strong support placed around its rising trend line near 18200 levels.


– On the higher side immediate resistances are placed around 19400 and 19900 levels.


– Selling on rise is recommended for the short term trading opportunities.


Recommended Action:
Sell.

 

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