MCX Gold October: Further Correction Is Below 29538
MCX Gold (Price figures below are in Rs/INR per Kg)
Harami Black candlestick pattern has been further which suggest weakness or correction to continue below 2 days low.
Further correction is below 29538.
Retracement levels are placed at 29446-29097-28821.
Retracement levels are likely to be tested with volatility.
Stochastic is in oversold zone therefore further weakness will be below 29538 or recovery may happen only from either of the retracement levels.
First retracement support could be at 29446.
Reversal or end of correction could be indicated if close is above 29856.
Stochastic oversold may help if Gold trades above the open of the day and above previous close on sustained basis.
Since its long trading hours for Bullions on MCX open reference points could be splitting in morning open at 10.00 am, further at 1.00 pm and later at 6.00 pm.
Intra-day flow could be changing direction or moving direction post these time wise reference points price.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Short
29621.00
29679.95
DOWN
29547.0
18.09
29415
29551
29616
29687
29823
*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
29621.0
0.3
8622000
-4.7
5711
-4.3
Positive
Unwinding
TECHINCAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-Stochastic
MACD
1-ROCMACD
RS
1-ROCRS
50.45
3.95
12.41
-40.16
182.40
-15.07
48.99
-15.11
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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