MCX Gold June 2017 Weekly: Exit Long On The Rise

Report for Date: 08/05/2017

MCX Gold June 2017 Weekly: Exit Long On The Rise

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

Exit long and sell on rise from 28072-28637 with a stop loss of 28873.

Resistance will be at 28329-28637.

Expect lower range of 27763-26889 to be tested.

Open interest increased with the fall and negative candle which indicates addition of short position.

Bandwidth has fallen which suggest that near term contraction of movement may happen therefore lower range could attract support for a recovery.

Better opening and initial rise to resistance of 28329-28637 can be used to exit long position.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Short	28072.0	28850.3	DOWN	28873.0	28.04	26889	27763	28329	28637	29511

*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
28072.0	-2.8	42061000	-6.2	6374	28.6	Negative	Addition Short

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
42.36	-13.72	40.45	-48.55	-111.58	-108.86	51.62	-16.69

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.