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MCX Gold February 2017 Weekly: Expect Near Term Rise

9 Jan 2017 10:40 am
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Report for Date: 09/01/2017

MCX Gold February 2017 Weekly: Expect Near Term Rise

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

Cover short position at 27887 or below as the opportunity arises.

Expect higher range of 28113-28695 to be tested.

Contrarian buy situation has emerged as open interest increased with the rise positive candle.

Indicators like RSI and Stochastic exited the oversold zone on the weekly chart.

MACD Slope has turned up.

Expect near term pullback or up move towards the earlier breakdown points of 28410 and 29300.

Higher range for the week can be 28113-28695.

Support for the week can be at 27757-27531-27400.

Weaker opening and correction first to 27757-27531 can be used for buying with a stop loss of 26900.

The retracement levels of the fall from 32455 to 26862 are placed at 29000-29714-30309.

Traders can expect a pullback towards 29000-29714 if sustains above 28113 at closing with bullish candle at the end of the week.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY

CLOSE

DRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

Hold Short

27887.0

28627.9

DOWN

29396.0

11.11

26949

27531

27757

28113

28695


*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

27887.0

1.6

37711000

39.6

7148

9.3

Positive

Addition Long


TECHINCAL INDICATORS TABLE

RSI

1-ROC-RSI

Stochastic

1-ROC-

Stochastic

MACD

1-ROC

MACD

RS

1-ROC

RS

39.49

13.37

30.65

124.70

-668.46

0.75

51.45

42.06






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.


       
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