MCX GOLD TRADING STRATEGY:-
Traders holding long can keep a stop loss of 17953.
Corrective dip to 18138-18037 can be used for buying with a stop loss of 17953.
Expect higher range of 18289-18390 to be tested
MCX SILVER TRADING STRATERGY:-
Hold long positions with a stop loss of 29300.
Expect higher range of 29805-30026 to be tested
NYMEX LIGHT SWEET CRUDE:-
Corrective dip to 75$ or below can be used for buying with a stop loss of 72.
Alternatively, buy on rise and close above 79.10$
SPOT SILVER:-
Resistance will be at 19.45$-19.70$.
Negative divergence on 14 day RSI has been witnessed if we compare the current value to its peak, in relation to the price movement.
Hold long positions if any with a stop loss of 19$
NYMEX NATURAL GAS:-
Overall stuck in sideways movement and at one point it looked that a breakout was possible but that was not to be seen.
Corrective dip to 4.15$ can be used for buying with a stop loss of 3.98$.
Alternatively, wait for a breakout and close above 5.32$.
Overall once again look for rise from current price to 5.32$ to exit long
SPOT GOLD:-
International Spot Gold price is expected to move towards 1234$ a the 1 time and 1.618 Fibonacci level.
Traders can hold long positions with a stop loss of 1193$
USD INR:-
Support will be at 45.7-45.5.
Resistance is at 46.44-47.10.
It is likely that some weakness in rupee is likely to be witnessed on cross over above the resistance. A pullback for USD could be seen against INR.
Expect weakness in USD on fall below 45.50
Watch out for:
ECB Rate announcement
Eurozone GDP, Retail Sales, German PMI
US Initial Jobless,
GOLD (spot): Last 1226
Morning moves have taken prices closer to our target of 1227 suggested yesterday.
We are still hopeful of another swing towards 1245-55 region, but would choose to be cautious from this point on wards. 1223 would be crucial for sustenance of the uptrend, and for an outright strengthening. A bend lower below 1223 could temporarily cause doubts, but 1215/10 band is likely to attract buying again.
Nymex Crude(Jan):
Yesterday’s swing lower evolved precisely on anticipated lines, with 78.59 capping upside, and with 76.2 attracting bargain hunting. Favoured view expects a swing higher towards 78 today.A firm push below 76.2 would however force us abandon the positive view.
Comex Copper (Mar: Last
After a test of 2.43 levels anticipated yesterday, a downsing is now in progress, targetting 2.39, but a another violent rally towards 2.60 is very much in the cards as long 2.33 holds downside threats
MCX Gold Feb: Once again a corrective move evades the market. Supports at 18249/18264 to hold for 18489/18519. A correction from there looks evident.Fall below 18069 to begin the corrective move. S1: 18107 S2: 18027 R1: 18267 R2: 18347.
MCX Silver March: Supports at 29386/29416 to hold for 29890-29921 or even higher towards 29951/29997.Fall below 29003 to begin a corrective move. S1: 29455 S2: 29325 R1: 29715 R2: 29845.
MCX Copper Feb: Supports at 327.90/328.90 to hold for 332/334 now.Only a fall below 323.80/325 to begin a corrective move lower.S1: 328.60 S2: 324.60 R1: 336.60 R2: 340.60.
MCX Crude Oil December: Supports are at 3517 followed by 3498 to hold for a rally higher towards 3642 and 3679.Fall below 3461 to dent our expectations. S1: 3523 S2: 3483 R1: 3603 R2: 3643.
MCX Zinc Dec: Dips to 109.30/109.00 to find support for a move higher towards 113.50/114.0 levels.Fall below 107.0 to negate this view. S1:110.70 S2:108.80 R1:112.70 R2: 114.10.
MCX Lead Dec: Dips to 112.0/111.60 to find support for a move higher towards 116.0 levels.Fall below 110.0 to negate this bullish view. S1:112.35 S2:111.20 R1:114.70 R2:115.70.
MCX Nickel Dec: While above 737 expect prices to rally higher towards 791 levels. S1: 748 S2: 738 R1: 769 R2: 782
MCX Natural Gas Dec: Rallies to 218/221 to find resistance for a move lower towards 204 levels. A direct rise above 227 to raise doubts. S1: 206 S2: 202 R1: 214 R2: 218
ENJOY TRADING !!!!
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