MCX Gold April 2018 Weekly: Resistance At Higher Range

Report for Date: 12/02/2018

MCX Gold April 2018 Weekly: Resistance At Higher Range

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

Addition of short position has been witnessed as open interest increased with the fall and negative candle.

Further rise is above 30720.

Lower range can be 29638-28729.

Retracement levels of the rise from 28055 to 30720 are placed at 29718-29399-29100.

Resistance is at 30176-30547-30720.

Expect near term correction towards 29718 at least.

Traders long can exit the same on rise towards the resistance of 30176-30720 as the opportunity arises.

Re-enter long if the close is above 30720.

Bandwidth has increased therefore breakout above 30720 can bring about upside momentum.

Alternatively, bearish candle last week with addition of short position along with rise in bandwidth suggest that immediate outlook first would be to look for retracement level before moving higher.

Better opening and initial rise during the week could be opportunity to exit long.


TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
-	30009.0	29351.1	UP	29156.0	29.12	28729	29638	30176	30547	31456

*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
30009.0	-1.2	38681000	62.9	7446	686.3	Negative	Addition Short

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
57.73	-8.39	76.87	-13.62	213.95	9.96	42.08	-8.80

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.