MCX Gold October: Further Correction Is Below 29538
MCX Gold (Price figures below are in Rs/INR per Kg)
Resistance is at 29822-29856.
A rise and close above 29856 can end the correction and near term rise towards 30050 or above could be witnessed.
Correction will continue on fall and close below 29538.
Expect sideways movement and oscillation around the DRV.
Blue Color Candles is the chart is associated with sideways movement or correction phase.
Bandwidth is falling therefore contract of movement in near term is likely to happen.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Long
29774.00
29687.01
UP
29774.0
20.09
29584
29703
29751
29822
29941
*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
29774.0
0.5
7919000
-8.2
5648
-1.1
Positive
Unwinding
TECHINCAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-Stochastic
MACD
1-ROCMACD
RS
1-ROCRS
54.24
7.53
21.13
70.34
166.37
-8.79
56.58
15.48
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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