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Sensex: 32467.1 +64.70 Gold: Rs.29633.00
Nifty: 10161 +13.50 Silver: Rs.40075.00
Buy MCX Gold Oct: Prices are expected to rise further to 31258 levels - IndiaNotes.com
Buy MCX Gold Oct: Prices are expected to rise further to 31258 levels
Way2wealth | Published: 11 Sep, 2017  | Source : IndiaNotes.com

Technical View:

 

MCX GOLD OCT: In the last week, Gold prices opened higher with gap and prices consolidated initially for the first half of the week in the range of 30000-30300 levels and later rose strongly for the remaining week till high of 30474.


- Prices have risen strongly in the last two weeks after giving breakout from its medium term declining trend line resistance in the previous month.


- RSI (14) has also broken above its range of 40-60 on the weekly chart, which is confirming the bullish momentum to continue in the near term.


- Prices are expected to rise further from these levels towards next strong resistance placed around 78.6% Fibonacci retracement of its fall from high of 32455 till low of 26862, which is placed at 31258 level.


Recommended Action: Buy.

          

MCX SILVER DEC: Silver prices opened with a positive gap in last week and prices consolidated for most of the week in the range of 41200-41700 levels. Prices remained firm till end of the week and made a high of 41927.


- Prices have broken out from its medium term declining trend line resistance of the falling trend channel pattern in the previous week.


- Prices are expected to rise further from these levels towards next strong resistance placed around previous multiple swing highs near 42820 level.


- On the lower side, immediate strong supports are placed around 40800 and 39850 levels. Buying in minor pullbacks is recommended for the short-term trading opportunities.


Recommended Action: Buy. 

     

MCX CRUDE OIL SEP: Last week, Crude Oil prices opened flat and prices rose strongly for the first three sessions till high of 3174. Later prices corrected slightly for the remaining week and closed around 3045.


- Prices have bounced and closed positive on weekly basis after five consecutive weeks of correction.


- Previously prices have broken out from its short term declining trend line resistance after taking strong support around 50% Fibonacci retracement of its rally from low of 1805 till high of 3780, which is placed around 2792 level.


- Prices are expected to rise further from these levels towards next strong resistance placed around its recent swing high of 3234 level.


Recommended Action: Buy.

 

MCX CPO SEP: Crude Palm Oil prices have been rallying strongly since last five weeks after breaking out from its short term declining trend line resistance in the previous month.


- Prices have retested its previous breakout level of 474.50 and bounced strongly after taking strong support at 50% Fibonacci retracement of its rally from low of 351.80 till high of 599.70, which is placed at 475.75 level.


- Prices are expected to remain bullish for the medium term and rise towards next strong resistance placed around 61.8% Fibonacci retracement of its fall from high of 599.70 till low of 475.20, which is placed around 552.15 level.


- On the lower side immediate supports are placed around 526 and 516.50 levels.


Recommended Action: Buy.

 

NCDEX KAPAS APR: Kapas prices have recovered strongly in the last week after consolidating near its recent bottom of 847 level in the previous few weeks.


- Prices have taken strong support at its medium term declining trend line and closed at highest level in the last three months on weekly basis.


- Prices are expected to recover further from these levels if break above last week’s high of 902 level towards next strong resistances placed around 38.2% & 50% Fibonacci retracements of its  entirefall from high of 1079 till its bottom of 847, which are placed around 935.60 and 963 levels respectively.


- On the lower side, immediate strong supports are placed around 883 and 863 levels.


Recommended Action:
Buy.

 

NCDEX SOY OIL OCT: Soy Oil prices have been recovering gradually since last four months after correcting more than 61.8% Fibonacci retracement of its previous rally from low of 548.55 till high of 744.05, which is placed around 623.20 level.


- Prices have been taking strong support at its short term rising trend line and currently taken resistance around 50% Fibonacci retracement of its fall from high of 744.05 till low of 609.45, which is placed around 676.75 level.


- Prices are expected to rise further from these levels if break above 676.75 level towards next strong resistances placed around 61.8% & 78.6% Fibonacci retracement around 692.60 and 715.20 levels respectively.


- On the lower side immediate supports are placed around 662 and 652 levels.


Recommended Action: Buy.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.