MCX GOLD DECEMBER:
In line with expectation Gold prices rebounded during yesterday’s session and ended almost near the day’s high. On the higher side the next immediate resistance is at 29700 and we expect prices to retest these levels in coming sessions. Thus, we recommend buying on dips around 29435 for targets of 29700.
NCDEX GUAR GUM DECEMBER
As expected, guar gum prices continued its gaining streak and ended above the immediate resistance of 8388 mark. Now, the 61.8% retracement mark is at 8465, surpass above that will extend its gains till 8700 then 8850 levels. Therefore, we continue to recommend buying, above 8465 for the targets of 8500 then 8850 levels.
MCX ZINC NOVEMBER
On Wednesday, Zinc prices once again inched higher till the trend line resistance of 212 and finally ended at 211 marking forming doji candle stick pattern. As prices closing near the key resistance and forming doji candle stick pattern is indicating stiff resistance at higher levels. So, if the prices fail to surpass the resistance then a sharp correction can be in the coming sessions. Therefore, we recommend selling around 211.20 levels for the day.
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