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.
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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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