MCX GOLD TRADING STRATERGY;-Traders holding long positions can keep a stop loss of 16400.
Corrective dip to 16525-16455 can be used for buying with a stop loss of 16400 to exit at 16625-16795.
Sell on fall below 16400 with high of the day stop loss.
Volumes have increased as the activity level is shifting to June contract.
ADX is still below 20 indicating lack of sustained movement and momentum as this point.
MCX SILVER TRADING STRATERGY;-Hold long positions with a stop loss of 27216. Traders can exit long positions on rise to 27320-27409 as the opportunity arises.
Expect minor correction to sideways movement on fall and close below 27216.
The rally can continue only on rise and close above 27600.
Selling pressure could be seen if the support and the stop loss for long of 27216 is violated.
NYMEX CRUDE:-
Hold long position with a stop loss of 83.
Fresh trading long positions can be undertaken on rise above 87.10 with low of the day stop loss or 86 whichever is lower
NYMEX NATURAL GAS:-
Corrective dip to 4-3.73$ can be used for buying with a stop loss of 3.66$.
Add further long positions on rise and close above 4.34$.
SPOT GOLD:-Hold long positions with a stop loss of 1118$.
Traders can book profits on long positions on rise towards 1142-1149$
SPOT SILVER:-.
Traders by chance holding long positions can keep a stop loss of 17.75$.
Traders can Exit long positions on rise to 17.93-18.03$ as the opportunity arises.
Fresh long positions can be undertaken on rise and close above 18.15$
USD/INR: 44.50. With a retest of yesterday’s low of 44.25 conditions are now set for a formation of a tweezer bottom, but one which is un likely to hold forte for long. Resistance remains at 44.58, which stood formidable during yesterday’s reaction rallies. Supports are seen at 44.1and then 43.4
MCX Gold June: Supports are at 16425 levels followed by 16310. Favored view expects prices to find support at these levels and then start moving up towards 16715 levels. Fall below 16120 to negate our view.
S1:16485 S2:16405 R1:16625 R2:16705
MCX Silver May: Resistance is seen at 27610 levels. Until these levels caps up moves retracement towards 26925 levels is expected.Favored view expect prices to hold this support and start moving up towards 28145 levels. Only fall below 26545 to negate our bullish view.
S1:27110 S2:26930 R1:27450 R2:27630
MCX Crude Oil Apr:Support are at 3810 followed by 3775. Favored view expect price to find support at these levels and move higher towards 3955 levelsOnly fall below 3718 to negate our bullish view.
S1:3810 S2:3770 R1:3880 R2:3920
MCX Copper April: Retracements is expected in copper. 353 is likely to give strong support. Break of which may take prices towards 348/349 levels.Until this support holds rise towards 363 levels is expected.
S1:351 S2:347 R1:358 R2:362
MCX Zinc Apr: Retracement towards 104.80 is expected. Direct rise above 108.30 to negate our view and is likely to take prices towards 109.50 levels.
S1:106 S2:105 R1:108 R2:109
MCX Lead Apr:As expected target of 102 almost achieved. Prices are highly overbought so retracement towards 100.10 followed by 99.20 may be expected.Favored view expect these support to hold for rise toward 103.90 level. Direct rise above 102.10 to take prices directly to 103.90 levels
S1:100 S2:99 R1:102 R2:103
MCX Nickel Apr: Resistance is seen at 1103 followed by 1112 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.
S1:1085 S2:1075 R1:1105 R2:1115
MCX Natural Gas Apr: As expected prices faced resistance at 193 levels. 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.
S1:180 S2:176 R1:186 R2:190
Manish Parmar
Cell :+91-9820555212
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