Daily trading bites: Buy MCX Gold around 29360 | Daily trading bites | Buy MCX Gold | Buy MCX Nickel | Buy NCDEX Guar Gum | Buy NCDEX Turmeric | Indianotes.com


After rebounding from the trend line supports in the previous week, gold price inched slightly higher during Monday’ session by breaching the trend line resistance and settled at 29390. Prices giving a positive breakout is likely surge the prices till the next resistance of 29760 levels. Thus, we continue to recommend buying on dips around 29360 for targets of 29700.


After witnessing the sharp fall in the previous week, nickel prices recovered slightly during yesterday’s session and inched till the high of 759.20. The breakdown trend line resistance is at 765 levels and we expect prices to once again turn lower after testing above mentioned resistance. Thus we advise selling on rise around 765 levels for the day.


On Monday, guar gum prices witnessed sharp selloff and tumbled till the low of 7620 and finally ended at 7651 losing 2.26%. Prices have breached the immediate supports of 7748 and now the next supports are seen at 7550 levels. Break below 7550 will bring the prices down till the channel supports of 7100 levels. For the day, we advise selling on minor pull back at 7740 levels for targets of 7550 then 7450 levels.



Turmeric prices finally gave the breakdown of the triangle pattern during Monday’s session and settled at 7110 losing 2.90%. The breakdown of the triangle pattern has turned the outlook to bearish. Now the next supports are seen at 7000 then 6780 levels. For the day, we advise selling around 7150 for targets of 7000 then 6800.

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