Report for Date: 29/01/2018
MCX Gold (Price figures below are in Rs/INR per Kg)
Trend line breakout situation have been witnessed 2 weeks back.
Last week, Gold prices tested the lower top of 30368 on C1 chart.
The earlier breakdown points will offer resistance which is in the zone of 30700-31000.
The upper channel line is around 31000.
The popular indicators like RSI and Stochastic are in overbought zone on weekly chart.
MACD is rising.
Upside could be limited for near term up to 30700-31000.
The uptrend shown in the table is from 29.12.2017 from closing of 29120.
Higher level is likely to attract resistance and profit booking.
Higher range for the week can be 30650-31415.
Support for the week can be at 30175-30100.
Traders long and holding the same can maintain the stop loss at 30100.
TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Long
|
30361.0
|
29199.8
|
UP
|
29156.0
|
29.12
|
29120
|
29885
|
30175
|
30650
|
31415
|
*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
|
|
30361.0
|
2.0
|
30015000
|
-4.2
|
5273
|
-13.5
|
Positive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
62.97
|
10.00
|
95.26
|
-0.23
|
132.97
|
149.4
|
52.91
|
-10.53
|
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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.
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