MCX Gold December: Consolidation Attempt Being Witnessed



MCX Gold December: Consolidation Attempt Being Witnessed

23 Nov 2017 9:31 am

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Report for Date: 23/11/2017

MCX Gold December: Consolidation Attempt Being Witnessed

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

sideways movement and band of movement is 29750 to 29069.

Support will be at 29455-29360.

Resistance will be at 29624-29888.

Near term rally can be witnessed on breakout and close above 29750 closing.

Movement is sideways and choppy on alternate day basis.

Overall for near term must not fall and close below 29069.

If risk is measured against 29069 and planned then traders can accumulate at 29455-29360 with a stop loss of 29069.

Hold and wait till 29069 is not violated.

Add further if breakout and close above 29750 is witnessed.

TREND INFORMATION WITH INTRA-DAY LEVELS

CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
29530.0	29505.3	UP	29530.0	22.11	29096	29360	29455	29624	29888

*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. Sideways- No Directional Movement Indication

PRICE, VOLUME AND OPEN INTEREST STRATEGY

Last Close	Price G/L%	Volume	V -G/L%	Open Interest	OI -G/L %	Candle	Position
29530.0	0.6	6692000	-7.1	4677	-1.4	Positive	Unwinding

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
50.88	13.00	26.61	-22.85	-14.31	27.62	37.70	-9.88

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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