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.