Report for Date: 17/04/2017
MCX Gold June 2017 Weekly: Expect Higher Range To Be Tested
MCX Gold (Price figures below are in Rs/INR per Kg)
Expect higher range of 29688-30500 to be tested.
Open interest increased with the rise and positive candle which indicates addition of long position.
Weaker opening and correction to 29154-28876 can be used for buying with a stop loss of 28400.
Resistance will be at 29688-29785.
Further rally can be witnessed on breakout and close above 29785.
On breakout and close above the trend line expect a rally to 30500.
Trend line is around 30050.
Bandwidth increased with the rise and positive candle which suggest higher range of 29688-30500 to be tested.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Long
|
29409.0
|
28887.1
|
UP
|
29409.0
|
13.04
|
28064
|
28876
|
29154
|
29688
|
30500
|
*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
|
29409.0
|
2.5
|
38752000
|
-4.2
|
7592
|
9.6
|
Positive
|
Addition Long
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
54.51
|
14.01
|
60.50
|
37.36
|
-108.43
|
37.63
|
57.91
|
36.31
|
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.