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Sensex: 33051.1 -124.90 Gold: Rs.30103.00
Nifty: 10164.6 -30.60 Silver: Rs.38221.00
MCX Gold February: Buy around 28440 levels for targets of 28750 -
MCX Gold February: Buy around 28440 levels for targets of 28750
Way2wealth | Published: 19 Dec, 2017  | Source :

On  Monday  Gold  February  contract  prices  opened  at 28358  and  from  there  it  gradually  moved  higher  and penetrated  the  neckline  resistance  of  ascending  triangle pattern  and  settled  at  28460.  According  to  the  pattern the gold prices are likely witness recovery till 28750 then 28900 levels. The momentum indicator RSI has gone in to over  sold  zone  and  stochastic  has  made  positive  cross over  on  the  daily  chart  are indicating bullish  signs.  For the day we advise buying around 28440 levels for targets of 28750 then 28900.

From  the  low  of  698  the  nickel  prices  have  been continuously  move  higher  and  on  Monday  it  rose  till the  trend  line  resistance  of  758.50  and  ended  at  755 mark. Prices have exactly moved up till the trend line resistance.  If  the  commodity  fails  to  surpass  the resistance then the prices will once again move lower towards 725 then 708 levels.

Turmeric  prices  slowly  reclaimed  higher  during Monday’s session and ended at 7548 mark. The price is inching  higher  along  with  the  trend  line  support  and the immediate resistance is at 7584 surpass above that will  extend  the  commodity  till  7760  then  7860  levels.Therefore  we  recommend  buying  around  7520  for  the targets of 7760 then 7860 levels.

After  retesting  the  trend  line  resistance  CPO  January contract  prices  opened  on  flat  note  at  567  and  from there it slipped lower  and ended at 563.50 mark. The prices’  penetrating  the  trend  line  supports  and  is likely to take the prices down till the next supports of 550  levels  in  coming  sessions.  Thus,  we  recommend selling around 564 for the targets of 554 levels for the day.

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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.