MCX Gold February Weekly: Expect Lower Range To Be Tested

Report for Date: 19/12/2016

MCX Gold February Weekly: Expect Lower Range To Be Tested

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

Traders short and holding the same can maintain the stop loss at 27700.

The sell range mentioned last week was 27576-27984.

The high registered last week was 27685 and fell to a low of 26901.

Traders who managed to implement had the opportunity to benefit.

The trend is down since the weekly closing on 11.11.16 closing of 29396 as shown in the trend information table below.

Traders who managed to sell and hold as per trend has benefited.

Further weakness is below 26900.

Resistance will be 27250-27599-27700.

Sell on fall below 26900 with high of the week as the stop loss or 27164 whichever is higher.

Sell on rise to 27599 or above with a stop loss of 27700.

Lower range for the week can be 26815-26031.

TREND INFORMATION WITH WEEKLY LEVELS

*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

TECHINCAL INDICATORS TABLE

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.