MCX Gold June 2017 Weekly: Expect Higher Range To Be Tested

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.