Weekly Commodity Report: Sell MCX Gold April: Immediate support is at 30119 | Commodity trading | Technical views on commodities | Indianotes.com
MCX GOLD APRIL
Last week, Gold prices opened slightly higher and prices rose further for first two sessions of the week till high of 30687. Later prices corrected gradually for the remaining week till low of 30280.
Prices have been moving in a short term rising trend channel pattern since last one year and rallied strongly in the last two months after taking strong support around its rising trend line of the channel.
Currently prices have broken down from its short term rising trend line support and has closed below the same in the previous week.
Prices are expected to correct further from these levels towards immediate support placed at its recent low of 30119 and further around 38.2% Fibonacci retracement of its rally from low of 28055 till high of 30839, which is placed at 29775 level.
On the higher side immediate resistances are placed around 30650 and 30850 levels
MCX CRUDE OIL MARCH
Crude Oil prices started the last week on a strong note and prices rose further for first two sessions of the week till high of 4110. Subsequently prices corrected sharply for the remaining week till low of 3920 and closed slightly positive on weekly basis.
Previously prices have rallied strongly in second half of the last year and broken out from its inverse head & shoulder chart pattern.
Prices have retested its neckline of the chart pattern and taken strong support around 20 weeks simple moving average currently near 3860 level.
Prices are expected to remain bullish for the near term and rise further from these levels towards immediate resistance placed around 4170 level and further around its recent 3 years high of 4271.
On the lower side immediate supports are placed around 3860 and 3730 levels.
MCX Copper Apr
Copper prices remained volatile for the whole week. It started on positive note and rallied till high of 457.25 in first two sessions of the week but corrected sharply for the next two sessions till low of 442.45. Prices recovered again in the last session and closed flat on weekly basis.
Prices have taken strong resistance at 78.6% Fibonacci retracement of its fall from high of 512.65 till low of 291.50, which is placed around 465.30 level.
Prices are expected to correct from these levels towards immediate support placed around its short term rising trend line currently near 422 level.
On the higher side, immediate resistances are placed around 453 and 466 levels. Selling on rise is recommended in Copper for the short-term trading opportunities.
NCDEX GUAR GUM APR
Guar gum prices started the last week on a corrective note and prices fell gradually till low of 8871. Prices recovered slightly in the last session but finally closed 3% negative on weekly basis around 9050 level.
Prices have corrected sharply in the last five weeks and have taken strong support at its short term rising trend line coinciding with 61.8% Fibonacci retracement of its rally from low of 7750 till high of 10625, which is placed around 8848 level.
Prices are expected to hold this support and rise from these levels towards immediate resistances placed around 9420 and 9820 levels.
On the lower side, immediate supports are placed around 9000 and 8750 levels. Buying on immediate support is recommended in Guar gum for the short term trading opportunities.
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