MCX GOLD TRADING STRATERGY:-
Traders holding long positions can keep a stop loss of 16598.
Corrective dip to 16717-16635 can be used for buying with a stop loss of 16598 to exit at 16873-17111.
A trend line breakout has been witnessed. The volumes registered in last few days and yesterday has been higher. The higher volumes below 16600 was more and yesterday the breakout with volumes suggest that if the move does not puncture then the pullback rise can test the recent high of 17151.
Important resistance will be at 16888 and 17037-17151.
MCX SILVER TRADING STRATERGY:-
Hold long positions with a stop loss of 27216.
Corrective dip to 27545-27423 can be used for buying with a stop loss of 27216.
Expect higher range of 27780-28137 to be tested.
SPOT SILVER ::
Traders by chance holding long positions can keep a stop loss of 17.75$.
Traders can Exit long positions on rise to 18.28$-18.64$ as the opportunity arises
SPOT GOLD ::
Hold long positions with a stop loss of 1132$.
Corrective dip to 1144$-1135$ can be used for buying with a stop loss of 1132$. Expect higher range of 1056-1176$ to be tested.
NYMEX CRUDE ::
Traders can exit long positions on rise to 86.13$-86.75$. Re-enter long on rise above 87.10$.
Lower range of 85.27$-83.79$ will be tested before making further attempts to move higher beyond 87.10$.
NYMEX NATURAL GAS ::
Corrective dip to 3.96-3.80$ can be used for buying with a stop loss of 3.66$. Take profit at 4.07$-4.12$-4.29$ as the opportunity arises.
Add further long positions on rise and close above 4.34$.
MCX Gold June: Prices are highly overbought and some retracement towards 16630 followed by 16510 is expected. These supports are likely to hold for a rise towards 17095 levels. Only fall below 16310 to negate our bullish view.
S1:16720 S2:16640 R1:16860 R2:16940
MCX Silver May:Support are seen at 27325 followed by 27220. Favoured view expect prices to hold this support and start moving up towards 28085 level. Only fall below 26490 to negate our bullish view.
S1:27460 S2:27280 R1:27800 R2:27980
MCX Copper April: As expected prices have started retracing. Initial support is seen at 350 levels. Break of which is likely to take prices towards 346 levels. Only rise above 358 to negate our view.
S1:350 S2:346 R1:357 R2:361
MCX Crude Oil April: Resistance at 3860 to cap up moves and take prices further down towards 3825 followed by 3775 levels. Only moves above 3900 to negate our view.
S1:3815 S2:3775 R1:3885 R2:3925
MCX Zinc Apr:Retracements towards 104.80 followed by 103.70 is expected. Only rise above 108.30 to negate our view.
S1:105.50 S2:104.50 R1:107 R2:108
MCX Lead Apr:: Until the resistance at 102.30 caps up moves price is likely to move lower towards 99.30 followed by 98.60 levels.Direct rise above 102.40 to negate our view.
S1:101 S2:100 R1:103 R2:104
MCX Nickel Apr Resistance is seen at 1112 followed by 1119 levels. Favored view expects this resistance to cap up moves and take prices further lower towards 1075 levels. Unexpected rise above 1128 to negate our view.
S1:1089 S2:1077 R1:1109 R2:1121
MCX Natural Gas Apr: Supports are seen at 178 followed by 175 levels. Until this support holds rise towards 188 is expected.Fall below 172.20 will be bearish and again start downtrend.
S1:178 S2:174 R1:184 R2:188
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