MCX Gold February 2017 Weekly: Expect Near Term Rise

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.