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MCX Gold Feb: Sell below 29000 -
MCX Gold Feb: Sell below 29000
Way2wealth | Published: 29 Dec, 2017  | Source :

MCX GOLD FEBRUARY: For the fifth straight session gold prices traded on a positive extended its gains till the key resistance of 29069 and finally ended at 29028. Now the price has come up till the resistance level and ahead if it fails to hold above 29100 then a correction can be seen till 28800 then 28650 levels on immediate basis. Thus, we recommend selling below 29000 for targets of 28800 and lower for the day. Action: Sell


MCX ALUMINIUM JANUARY: Aluminium prices which rose from the low of 130 have extended its gain till the high of 146 mark on Thursday. On daily chart, it has almost surged till the rising channel resistance and the momentum indicators also moveup into over bought zone territory. So, the above parameters are indicating strong chance of turn around. Thus we advise selling around 146 with stop loss at 148 levels for downside targets of 143 then 140 levels. Action: Sell

MCX ZINC JANUARY: In line with expectation zinc prices surpassed the falling trend line resistance of 211 and inched till the high of 212.25. The prices have given a clear break out ascending triangle pattern and going forward it is likely to head till the resistance of 215 then 217 levels. Thus, we continue to recommend buying on minor corrections around 211.50 for given targets. Action: Buy

NCDEX JEERA JANAUARY: After trading in the sideways range for the last few sessions, jeera January contract prices surged higher during yesterday’s session by breaching the falling wedge trend line and ended at 21680. Price has given a bullish break of the wedge pattern and ahead if it manages to hold above 21700 then an upswing can be seen till the previous high of 22350 then 22500 levels. Therefore, we recommend buying on a break of 21700 levels for the day. 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 accept any liability whatsoever arising from the use of any of the above contents.