MCX Gold June: Important support at 18152 levels now.A breach of the same could see a corrective fall towards 17795 or even 17705 levels.Resistance lies at followed by 18540. Break above 18540 could spark another rally in prices.
S1 18190 S2 18110 R1 18330 R2 18410
MCX Silver July: A breach of support at 29067 could see a move lower to 28600 levels now. As long as 29067 hold we could expect a rally to resistance at 29937-30092.
S1 29225 S2 29045 R1 29565 R2 29745
MCX Copper June: While above supports at 296-293 we can expect a corrective rally towards 305 or even 310 levels now.Prices could be capped here for a move lower again.
S1 294.60 S2 290.60 R1 301.60 R2 305.60
MCX Crude Oil May: Important supports at 3158 / 3135 could hold the downside for a corrective rally towards resistance at 3315 / 3360 levels.A break below 3130 could open the downside for 3040 levels now.
S1 3185 S2 3145 R1 3255 R2 3295
MCX Zinc May:While above 83.50, expect corrective rally toward 90.00 level now.Direct fall below 83.50 could see 81.20 level.
S1 84.40 S2 83.40 R1 86.20 R2 87.20
MCX Lead May:While above 79.00 we can expect corrective rally toward 85.00 levels now. Direct fall below 79.00 could see 77
S1 79 S2 78 R1 80.80 R2 81.80
MCX Nickel May:As long as 933 levels holds the downside we could see prices rise in correction towards 980/990 where they could be capped for a move lower again Direct fall below 933 to see 910 levels
S1 939 S2 927 R1 959 R2:971
MCX Natural Gas May: As long as supports at 196-193 hold prices could attempt to test resistance at 206 followed by 209 levels
S1 197 S2 193 R1 203 R2 207
S1 18190 S2 18110 R1 18330 R2 18410
MCX Silver July: A breach of support at 29067 could see a move lower to 28600 levels now. As long as 29067 hold we could expect a rally to resistance at 29937-30092.
S1 29225 S2 29045 R1 29565 R2 29745
MCX Copper June: While above supports at 296-293 we can expect a corrective rally towards 305 or even 310 levels now.Prices could be capped here for a move lower again.
S1 294.60 S2 290.60 R1 301.60 R2 305.60
MCX Crude Oil May: Important supports at 3158 / 3135 could hold the downside for a corrective rally towards resistance at 3315 / 3360 levels.A break below 3130 could open the downside for 3040 levels now.
S1 3185 S2 3145 R1 3255 R2 3295
MCX Zinc May:While above 83.50, expect corrective rally toward 90.00 level now.Direct fall below 83.50 could see 81.20 level.
S1 84.40 S2 83.40 R1 86.20 R2 87.20
MCX Lead May:While above 79.00 we can expect corrective rally toward 85.00 levels now. Direct fall below 79.00 could see 77
S1 79 S2 78 R1 80.80 R2 81.80
MCX Nickel May:As long as 933 levels holds the downside we could see prices rise in correction towards 980/990 where they could be capped for a move lower again Direct fall below 933 to see 910 levels
S1 939 S2 927 R1 959 R2:971
MCX Natural Gas May: As long as supports at 196-193 hold prices could attempt to test resistance at 206 followed by 209 levels
S1 197 S2 193 R1 203 R2 207
MCX GOLD TRADING STRATERGY ::
Hold long positions with a stop loss of 18128.
RSI has started showing negative divergence as it is lower than the peak and price made a new high of the rise. It has tested the earlier contract peak of 18415. Therefore, at higher range profit booking pressure can be witnessed.
Gold tested the contract peak of 18415 by making a high of 18424 and reacted down to close at 18253.
Overall use rise to 18276-18401-18674 on intra-day spike to book profits. Re-enter long if the close is above 18424 with a positive candle. Check only at the time of closing, If the price is above it at the closing time then only re-enter long.
MCX SILVER TRADING STRATERGY ::
Exit long positions on rise to 29534-29875-30682.
Contrarian traders can take chances to sell at 29534-29875 with a s top loss of 30163. In order to reduce risk try to sell as higher range of 29875 or above or near 30163 after looking at the market movement.
Expect lower range of 29068-28261 to be tested.
A near term sideways to corrective movement down is likely to be witnessed. Therefore, profit booking on the long positions is generally advisable.
Only a breakout and close above 30163 can accelerate the upside movement with momentum
SPOT GOLD ::
Traders who are holding long positions can Exit long positions on the rise to 1227-1237-1261$ as the opportunity arises.
Re-enter long if the close is above 1250$. Check at the time of closing. If the price is above 1250$ with a positive candle then re-enter long.
A near term sideways movement to minor correction is possible.
SPOT SILVER ::
Exit long and sell on rise to 19.04$-19.34$ with a stop loss of 19.80$.
Fresh long can be undertaken on breakout and close above 19.80$.
Expect lower range of 18.56%-17.78$ to be tested.
Fresh long can be undertaken on breakout and close above 19.80$.
Expect lower range of 18.56%-17.78$ to be tested.
USD/INR SPOT ::
With prices keeping afloat above 45.39 for a second day, bullish bias remains strong and our view remains same as that of the previous day. Look for a close above 45.6 for signals of continuation of uptrend which should now target 45.89 or even 46.9
TECHNICAL TALKS ::
Bargain hunting provides floor at 1216 level for a second day leading to the possibility of an vicious turn higher. However, the support region has emerged earlier than normally seen in the case of turns from life time peaks. To this extent, even as 1216 looks formidable, a break of the same looks very much probable. Even in such scenario, prices would continue to stay within the broadening wedge pattern on discussion yesterday. Ranges should expand now and solid buying is unlikely to emerge unless prices dip towards 1200 or prices move past 1250 convincingly.
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