INTERNATIONAL SPOT GOLD ::
Exit long on rise to 1111$-1121$ as the opportunity arises.
Sell on fall below 1088$ with high of the day stop loss.
Sell on rise to 1121$ with a stop loss of 1133$.
Buy on rise and close above 1133$ with low of the day stop loss.
INTERNATIONAL SPOT SILVER ::
Sell on rise to 17.09$-17.26$ with a stop loss of 17.62$.
Expect lower range of 16.76$-16.26$ to be tested.
NYMEX NATURAL GAS ::
Hold short positions with a stop loss of 4.31$.
Support of the gap is likely to be witnessed for some bounce.
Support will be at 4.10$-3.96$.
Cover short positions at 4.13$-4.09$ as the opportunity arises or hold short with the indicated stop loss.
NYMEX LIGHT CRUDE OIL ::
Sell on rise to 80.9$-81.95$ with a stop loss of 83.16$.
Support will be at 80$-79$.
Sell on fall below 79$ with high of the day stop loss.
TRADING STRATEGY ::
GOLD MCX APRIL ::
The buy call stop loss of 16638 was violated and the sell below 16638 got triggered. The low registered on Friday was 16431. Traders who managed to sell on fall below 16638 had the opportunity to benefit.
Sell on rise to 16564-16698 with a stop loss of 16803.
Cover the same on dip to 16378-16058 as the opportunity arises.
A close below 16400 with negative candle can continue the slide to test the low of 15963 subsqeuntly.
SILVER MCX MAY ::
In our update for Friday before the market started, we had indicated to Sell on fall below 26957 with high of the day stop loss.
The low registered on Saturday was 26542. Traders who managed to sell below 26957 had the opportunity to benefit.
Sell on rise to 26756-26931 with a stop loss of 27310.
Sell further on fall and close below 26330 with high of the day stop loss.
USD INR SPOT ::
Last week we saw a sideways movement above the support of 45.
A rise and close above 45.7 can bring about strength in Dollar and weakness on Rupee.
If 45 is not violated then a recovery and bounce back on USD is round the corner.
The long term wave structure also marked. As per it if 45 is violated on sustained basis then lower top and lower bottom sequence would continue for the target of 44-43.75 on conservative basis and overall the head and should pattern target could take in to 41.75.
A breakout and close above 45.7 could halt the fall from here on and recovery path for USD could be witnessed.
MCX Gold April: Resistance levels are at 16551 and at 16655. Price could dip below 16402, opening the way for 16222 or even 16000 now.
S1: 16426 S2: 16346 R1: 16586 R2: 16666
MCX Silver May: There is a stronger chance for the price to test supports near 26387/26074 or even 25449. Initial support will be at 26304. Resistance levels are noted at 26700, 26745 and 26934. Rise past 27090 could turn the picture neutral.
S1: 26440 S2: 26290 R1: 26740 R2: 26890.
MCX Crude Oil April: Bearish indications warns of a corrective dip to 3652 or even 3611. Resistance levels are at 3721 / 3748. The Price has to cross above 3780 to wriggle out of this bearish state and revive the bullish expectations.
S1: 3649 S2 3610 R1: 3730 R2: 3770
MCX Copper April: Still the picture has bullish hopes while below 335.50 levels. Ideally 335.50/336.50 could see basing signs again for a rise towards 347.50 levels or even higher. Will give up the bullish view on the break of 334.50.
S1: 336 S2: 332 R1: 344 R2: 348
MCX Zinc Mar: Resistances are at 104.50 followed by 104.90 now. Favored view expects resistances to cap for a decline towards 102.60 followed by a deeper fall towards 100.50. Unexpected rise above 105.85 to open dash our bearish hopes.
S1: 101.50 S2: 99.50 R1: 105.50 R2: 107.50
MCX Lead Mar: Rallies to 100.85/101 can be sold s/l 102.50 targets 97.50.
S1: 98 S2: 96 R1: 100 R2: 102
MCX Nickel Mar: Fall below 1015 could force us to abandon our bullish view in nickel. Such a fall could drag prices lower towards 995 initially followed by a deeper fall towards 945 levels.
S1: 1015 S2: 1005 R1: 1035 R2: 1045
MCX Natural Gas Mar: Dips to 187 can be bought for a target 194/198. SL 183.
S1:184 S2: 180 R1:190 R2:194
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