EXPECTATION OF MCX GOLD AND LONG TERM VIEW ON GOLD

GOLD LONG TERM OUTLOOK ;-

GOLD AS FORMED A PENANT FLAG, SUGGESTING AN UPSIDE BREAKOUT IS CLOSE AT HAND. THE DIRECTION OF THIS PRICE GOING IN TO THIS PATTERN SHOULD BE THE SAME DIRECTION AS PRICE LEAVES THIS PATTERN WITH AN UPSIDE TARGET EQUAL TO THE LENGTH OF THE FLAG POLL. THAT GIVES AN UPSIDE PRICE TARGET OF 1325, WHICH IS PRECISELY THE SAME UPSIDE TARGET OF AN INDEPENDENT PATTERN WHICH WE HAVE BEEN SHOWING FOR THE WEEKS THE BULLISH AND SHOULDER BOTTOM. GOLD HAS ALSO NEARLY COMPLETED A VERY HEAD AND SHOULDER BOTTOM THE UPSIDE TARGET IS 1325 AND THE PROBABILITY OF REACHING THAT LEVEL RISES DRAMATICALLY WITH AN UPSIDE BREAKOUT ABOVE 1050. NOW STRONG SUPPORT FOR THIS VIEW AT 905 AND 880 AS LONG GOLD HOLDS THIS SUPPORT MARKET WILL BE IN BULLISH ZONE BUYING IN CORRECTIVE DIPS IS ONLY GOOD MARKET EDITOR NITESH JAIN

MCX Gold Oct : Finally getting ready to break higher. Break above 15158 to open the way higher for 15492 levels or even higher. Supports are at 15000 followed by 14936. S1: 14980 S2: 14936 R1:15084 R2: 15136

MCX Silver September: After a messy consolidation, we could see a break higher. Break above 23630 to test24040-24060 or even higher towards 24660. Supports at 23271 followed by 23025. S1: 23124 S2: 22960 R1: 23530 R2: 23792

MCX Copper Aug : Supports are at 309/308. Expect prices to test 326-328 levels while above 305.S1: 307 S2: 301.80 R1: 312.50 R2: 318

MCX Crude Oil Sept: Supports are at 3514 followed by 3490. Supports to hold for a test of 3608 or even higher. S1:3490 S2:3452 R1:3554 R2:3608

MCX Zinc Aug: While above support at 87.50 prices could stay firm. Resistance seen at 91.20 levels now and a breach of the same could see prices rising further towards 92.50. S1: 88.50 S2: 87.50 R1: 90.05 R2: 91.20

: MCX Lead Aug: While above 97.70 prices could stay firm and edge higher towards 102. Fall below 97.50 would cause doubts about this view. S1:98.50 S2:97.65 R1:100.00 R2:101.

MCX Nickel Aug: Support is at 920 levels now. A breach of the same would be required to see prices move lower towards 900 / 895. While above this levels prices could attempt to test resistance at 955 levels and a break above it could see prices rising again. S1:930 S2:905 R1:955 R2:979

MCX Natural Gas Sept: A fall below 152.50 could see further weakness. However oversold conditions still hint at a chance of corrective recovery in prices. A breach of 162 could spark such a rally towards 170/175 levels. S1:153 S2:149.50 R1:159.10 R2:163.50

MCX Mentha Oil Aug : - Rallies to 513/515 could find resistance for a move lower again towards 501. A rise above 516.20 would cause doubts about this view. S1:- 505 S2:- 501 R1:- 511 R2:- 516

MCX SILVER TRADING STRATERGY;-
Exit long positions on rise to 23287-23449 range as the opportunity arises.
Re-enter long on rise and close above 23550.
Corrective dip to 23133 can be used for buying with a stop loss of 23030.
Sell on fall below 23000 with high of the day stop loss.
Intra-day traders can wait for a rise above 23449 and when it falls below 23449 then sell with high above 23449 as the stop loss.


MCX GOLD TRADING STRATERGY:-
Buy on breakout above 15085 with low of the day stop loss or 14980 whichever is lower at the point of breakout.
Sell on fall below 14980 with high of the day stop loss.
Intra-day traders can wait for a rise above 15067 and when it falls below 15067 then sell with high above 15067 as the stop loss