MCX Gold Feb:- Fall below 13152 led the way for a fall towards 12855 levels. Ideally resistance will be seen at 13152 levels now followed by 13220 for a fall towards 12490. Only a direct rise above 13500 will change the view to bullish. S1:12920 S2: 12845 R1: 13080 R2: 13175
MCX Silver Mar:- As expected a fall towards 17900 was seen. Any rallies to 18125 to find good resistance now. Structure looks positive for a bullish move towards 20530 as long as 17281/17363 holds. S1: 17800 S2: 17350 R1:18400 R2: 18720.
MCX Crude Oil Jan: Structure is bearish and favoured a fall towards 1786/1812 region. Extention to 1678 also is possible. Up ticks if any could be contained between 1863 & 1890. It needs to cross above 1915 to hint a slightly stronger recovery. S1: 1815 S2: 1765 R1: 1905 R2: 1960
NYMEX CRUDE TECHNICALS:Crude continues to trade within a descending channel targeting the 34.80 level as an initial target before reaching 32.25. The 36.85 level which is a pivot point separating the upside from downside movements where trading below this level will allow crude to reach the target faster. We need to keep a lookout for the 36.40 level which is a support level for the minor channel which could be a correction point before continuing to fall. The trading range for today is among the key support at 32.25 and the key resistance at 38.40
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