MCX GOLD APR: Gold prices corrected sharply in the last session from its recent high of 30714. Prices have broken down from its short term rising trend line support in the previous session and taken support near its 20 days simple moving average currently around 29940 level. Prices are expected to correct further from these levels if break below 29940 level towards next strong supports placed around 38.2% & 50% Fibonacci retracements of its rally from low of 28055 till high of 30714, which are placed at 29698 and 29384 levels. Action: Sell
MCX SILVER MAR: Silver prices have been correcting gradually since last two weeks after taking strong resistance at its short term declining trend line. Prices are expected to correct further from these levels towards next strong support placed around 78.6% Fibonacci retracement of its rally from low of 36672 till high of 40180, which is placed around 37423 level. On the higher side immediate resistances are placed around 38300 and 38600 levels. Action: Sell
MCX COPPER FEB: Copper prices have corrected sharply in the last session and prices have broken down from its strong support of short term rising trend line. Prices are expected to fall further from these levels if break below its previous swing low of 439.40 level towards next strong support placed around 38.2% Fibonacci retracement of its rally from low of 353.85 till high of 471.60, which is placed around 426.60 level. On the higher side immediate resistances are placed around 445 and 450 levels. Action: Sell
NCDEX SOYBEAN MAR: Soybean prices rose strongly in the last session after taking strong support around its 20 days simple moving average currently near 3520 level. Prices are expected to rise further from these levels towards immediate resistance placed around its recent high of 3875 level. On the lower side immediate supports are placed around 3610 and 3490 levels. Buying in minor pullbacks is recommended in Soybean for the short term trading opportunities. Action: Buy
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