Report for Date: 10/07/2017
MCX Gold (Price figures below are in Rs/INR per Kg)
Traders short and holding the same can maintain the stop loss at 28450.
Exit long and sell on rise to 27976-28229 with a stop loss of 28450.
Expect lower range of 27532-26835 to be tested.
The last major bottom was at 26901 and the demand zone attached with it is 26862-26900.
On sustained fall and close below 27724 with bearish candle can lead to a slide towards the demand zone.
Reversal can happen if weekly close is above 28450.
Bandwidth has increased with the fall and bearish candle which suggest that downside momentum may continue with volatility.
Addition of short position has been witnessed as open interest increased with the fall and negative candle.
Volumes also increased over its previous week along with negative candle suggesting that selling has been more dominant.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
27784.00
|
28791.13
|
DOWN
|
28690.0
|
16.06
|
26835
|
27532
|
27976
|
28229
|
28926
|
*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
|
27784.0
|
-2.3
|
55345000
|
24.1
|
6833
|
16.0
|
Negative
|
Addition Short
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
39.70
|
-13.31
|
10.28
|
-62.28
|
-147.03
|
-74.15
|
39.46
|
-24.78
|
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.