Report for Date: 16/01/2017
MCX Gold February 2017 Weekly: Higher Levels Is To Exit Long
MCX Gold (Price figures below are in Rs/INR per Kg)
Traders by chance long and holding the same can maintain the stop loss of 27800.
Expect higher range of 28658-29332 to be tested and can be used to take profits.
Support will be at 28247-27974-27800.
Weakness will be seen below 27800 closing.
Contrarian traders long can use rise to exit long and take profits.
Earlier breakdown down was 28410 and 29300 and the same is likely to offer resistance at higher levels.
Pullback is in progress and resistances are at higher level as mentioned.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
28380.00
|
28615.79
|
DOWN
|
29396.0
|
11.11
|
27295
|
27974
|
28247
|
28653
|
29332
|
*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
|
28380.0
|
1.8
|
42894000
|
13.7
|
7108
|
-0.6
|
Positive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
44.27
|
12.12
|
62.87
|
105.13
|
-619.97
|
7.25
|
55.09
|
7.08
|
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.