Mcx Gold FEB;Resistance at 17550 to cap initially for a fall lower towards 17150-16740 levels now. Break of 17570 can negate this bearish view S1;17200 S2;17050 R1;17460 R2;17570
MCX Copper Feb: Important support is at 325.30 and break below could lead to a huge fall. Initial supports are at 320.20/322.20.Resistances are at 331.50/332.60. S1: 323.25 S2: 319.25 R1: 331.25 R2: 335.25.
MCX Crude Oil December: Important support is at 3408/3410 and a break below to test 3257/3260.Resistances are at 3473 followed by 3509. S1: 3393 S2: 3353 R1: 3473 R2: 3513.
MCX Zinc Dec: While below 109.30, expect prices to dips towards 105.60 / 105.00 levels. S1: 106.70 S2: 105.60 R1: 108.60 R2: 109.70.
MCX Lead Dec: While below 108.00, expect prices to dips towards 104.80/105.00 levels. S1: 106.2 S2: 105.10 R1: 108.10 R2: 109.30.
MCX Nickel Dec: Break of the range 770/730 to decide next directive move. S1: 746 S2: 734 R1: 767 R2: 779
MCX Natural Gas Dec: Supports at 236 -234 to hold dips for a rise unto 247 levels. All fall below 232 to take price lower towards 224. S1: 235 S2: 232 R1: 242 R2: 245
MCX Mentha Oil Dec: Fall below 600 has turned picture bearish. Rallies to 602/ 607 to find resistance for a fall lower towards 572 levels.A direct rise above 624 to negate this bearish view. S1: 580 S2:570 R1: 600 R2: 610
SPOT GOLD:-Support of 1135$ was violated yesterday and it closed below it as well.
The 14 day RSI is falling as well on the breakdown after the negative divergence.
Resistance will be at 1140$-1156$-1169$. Lower range of 1111$-1095$ can be expected
SPOT SILVER:-A negative divergence on RSI and rising wedge formation has been witnessed.
A breakout down of the trend line has been witnessed.
Traders short can keep a stop loss of 18.35$.
Expect further selling pressure below 17.5$. Subsequently, lower range of 16.98$-17.27$ could be tested
NYMEX CRUDE:-Sell on rise to 73.1-73.7$ with a stop loss of 74.4$.
Expect lower range of 70$-69$ to be tested
NYMEX GAS;-A wider sideways movement is being witnessed in the band of 5.32$ to 4$.
A good up move yesterday can take on the resistance of 5.19$-5.32$.
A breakout and close above 5.32$ can see a rally in Gas.
Support will be t 4.64$-4.58$
SILVER MCX TRADING STARTERGY ::
Negative divergence on RSI is in place therefore broad outlook for immediate near term can be to exit pending stuck up long positions. Only a breakout and close above 29780 can put Silver back on track for upside momentum. Any rise overall will make a lower top.
Trend line breakdown situation has been witnessed yesterday.
Exit long on rise to 28165-28429 as the opportunity arises.
Sell on rise to 28165-28429 with a stop loss of 28542.
Expect lower range of 27788-27524 to be tested.
On close below 27800, the slide can continue with lower top and lower bottom formation
MCX GOLD TRADING STARATERGY ::
Exit long positions if any on rise to 17492-17601 range as the opportunity arises.
Support will be at 17205.
On fall and close below 17200 the slide momentum can get aggravated.
Traders can sell on rise to 17492-17601 with a stop loss of 17694.
The 14 day RSI is falling at faster pace. If it moves in the oversold zone first then it will mark that the near term high will be the peak for some time.
Volumes have got higher at the upper end. If 17200 is violated all heavy volumes will be left on the upside indicate a reversal of the rising trend and a bull trap
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