MCX Gold October: Further Rise Is Above 30050 MCX Gold (Price figures below are in Rs/INR per Kg)
Traders by chance long and holding the same can maintain the stop loss at 29688.
Support will be at 29774-29688.
Stochastic trying to exit oversold zone and if resistance of 30050 is crossed then near term rise can resume once again.
If Gold prices trades above the open and above 30050 then buy with low of the day stop loss or 29856 whichever is lower.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Long
29856.0
29697.6
UP
28844.0
9.08
29559
29774
29907
29989
30204
*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
29856.0
-0.5
9542000
-14.1
6303
-7.5
Negative
Unwinding
TECHINCAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-Stochastic
MACD
1-ROCMACD
RS
1-ROCRS
57.10
-8.17
22.36
3.91
259.92
-8.53
60.36
-1.27
Note: UP Green= Shows Up Trend as Close > DRV (Pink Line), DN Red= Shows Down Trend as Close < DRV(Pink Line), Red Color Bar= Down Trend + Bandwidth Is Rising, Green Color Bars= Up Trend + Bandwidth Is Rising, Blue Color Bars= Sideways(Trend could be up or down + Bandwidth is falling), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. 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. Bandwidth Indicator= Helps to determine directional speed in the direction of the trend. Falling Bandwidth would indicates loss of momentum being witnessed or likely to be witnessed. Sideways movement may emerge or upside or downside could be locked until Bandwidth does not turn up. Rising Bandwidth can bring about directional momentum.
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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