Report for Date: 20/03/2017
MCX Gold April 2017 Weekly: Cover Short Position
MCX Gold (Price figures below are in Rs/INR per Kg)
Cover short position if any at 28509 or below as the opportunity arises.
Further weakness is below 27907.
The 61.8% retracement of the rise from 26800 to 29785 has been tested.
The 61.8% retracement was at 27920 and low last week was 27907.
A hammer was formed on weekly chart at 61.8% retracement which suggest that momentary halt to the fall is being witnessed.
Expect higher range of 28730-29363 to be tested.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
28509.0
|
28886.7
|
DOWN
|
28366.0
|
10.03
|
27464
|
28097
|
28319
|
28730
|
29363
|
*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
|
28509.0
|
0.5
|
37312000
|
-19.8
|
4694
|
-19.5
|
Indecisive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
45.68
|
3.18
|
28.82
|
-43.92
|
-193.86
|
-4.10
|
52.25
|
0.23
|
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.