32,00 10 January, 2019 Bottom-Line: trend for Gold and Silver is sideways to positive, for MCX Copper prices are at crucial juncture and MCX Crude prices can move towards higher levels. MCX Gold Continuous Daily chart: GOLD-1M - Daily 09-01-2019 Open 31633, Hi 32023, Lo 31633, Close 32001 (0.8%) EMA(Close,50) = 31,333.32 c e 33,000 32,500 (b) (d) (f) (i) c a b a (ii) 0.0% 50.0% 61.8% 76.4% b d 100.0% 32,001 0 31,500 31,333.3 31,000 30,500 30,000 29,500 29,000 (e) (g) 2 28,500 28,000 27,500 (c) wave 3 is corrective as it is part of Ending Diagonal 2017 Apr Jul Oct 2018 Apr Jul Oct 2019 27,000 26,500 GOLD-1M - RSI(14) = 61.50 70 61.503 30 2017 Apr Jul Oct 2018 Apr Jul Oct 2019 Announcement: “The Financial Waves Monthly Update” is now published. Understanding the overall trend of Nifty with the application of Neo wave, Time Cycles and other indicators. Understanding movement of DJIA, Gold what are the crucial levels and path ahead. Long term analysis on a stock. Mutual Fund section Subscribe to “The Financial Waves Monthly update” and see yourself the Global outlook. Get access here “The Momentum stock research report” is now published again. Earlier stock gave a return of 5% in just 5 trading days! Get to know how you can trade potential stocks which can give you atleast 10-12% of returns in less time. Subscribe to “The Momentum report” and get our latest recommendation. Click here to know more! Website: www.gcbroking.in Contact No: 0413-4200100 Email ID: [email protected]Whatsapp No: 7094477722 Page 1
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Website: Contact No: 0413-4200100 Email ID: … · 2019-01-10 · 2017 Apr Jul Oct 2018 Apr Jul Oct 2019 . 27,000 . 26,500 GOLD-1M- RSI(14) = 61.50 70 . ... MCX Crude Jan 60 min chart:
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32,00
10 January, 2019
Bottom-Line: trend for Gold and Silver is sideways to positive, for MCX Copper prices are at crucial juncture and MCX Crude prices can move towards higher levels.
MCX Gold Continuous Daily chart:
GOLD-1M - Daily 09-01-2019 Open 31633, Hi 32023, Lo 31633, Close 32001 (0.8%) EMA(Close,50) = 31,333.32
c e
33,000
32,500
(b)
(d)
(f)
(i) c
a
b
a
(ii)
0.0%
50.0% 61.8% 76.4% b d 100.0%
32,001 0
31,500 31,333.3
31,000
30,500
30,000
29,500
29,000
(e)
(g) 2
28,500
28,000
27,500
(c)
wave 3 is corrective as it is part of Ending Diagonal 2017 Apr Jul Oct 2018 Apr Jul Oct 2019
27,000
26,500
GOLD-1M - RSI(14) = 61.50
70 61.503
30
2017 Apr Jul Oct 2018 Apr Jul Oct 2019
Announcement:
“The Financial Waves Monthly Update” is now published. Understanding the overall trend of Nifty with the application of Neo wave, Time Cycles and other indicators. Understanding movement of DJIA, Gold what are the crucial levels and path ahead. Long term analysis on a stock. Mutual Fund section Subscribe to “The Financial Waves Monthly update” and see yourself the Global outlook. Get access here
“The Momentum stock research report” is now published again. Earlier stock gave a return of 5% in just 5 trading days! Get to know how you can trade potential stocks which can give you atleast 10-12% of returns in less time. Subscribe to “The Momentum report” and get our latest recommendation. Click here to know more!
In previous session MCX Gold a flat opening but managed to take out its resistance level of 319850 levels and surged towards higher levels of 32000 and closed on a positive note.
As shown on daily chart, wave f looks to be forming Flat correction pattern which is further subdivided into wave a-b-c. Currently wave b is ongoing on upside which has retraced more than 61.8% of wave a move which is a basic necessity of this pattern.
As shown on hourly chart, wave (x) has completed on downside and wave (a) is still ongoing on upside. We are showing its 50-periods EMA which has managed to capture major trends of this stock and it is now acting as support keeping the tone positive
In short, Gold trend remains range bound to positive and move towards 32200 can be expected as long as 31900 level is intact on downside.
Wave analysis: Silver in the previous session had a subdued movement for the first half of the session it was post 8 that prices witnessed strong buying taking out the pivot resistance and closed near high the momentum here on becomes crucial to watch. As shown on the daily chart, prices are near its 5 days breakout range and it will be crucial to see if prices manage to protect the bars low. The RSI indicator is in the overbought zone so some sideways action cannot be ruled out. On the downside an important support is placed near 39000. As shown on the hourly chart, looking at the rise in the previous session the internal structure of wave c is Unclear and wave c looks to be ongoing. We are showing ROC indicator which is a momentum indicator on the chart we are also seeing divergence on the indicator however as of now there is no price confirmation so as long as we do not see break of important support levels near 39200 one should stay with the ongoing trend and leverage less. In short trend for Silver remains sideways to positive and a close above 39630 is required to continue the upmove and can take prices higher towards 39800. On the downside an important support is placed near 39300 levels.
Wave analysis: In the previous update for Crude we mentioned that “Long positions can be created above 3515 levels for move towards 3600 followed by 3650 levels. On downside 20 period EMA can be maintained as immediate support.” BANG-ON! Prices moved exactly as expected making high near 3700 levels.
As shown on daily chart, MCX crude continued its buying streak for straight 6th consecutive day. Prices On Wednesday made big bullish bar on daily basis indicating strong hold of bulls. Further break above Wednesday’s high can extend its rally towards higher levels.
As shown on hourly chart, prices are forming Flat Correction pattern as wave b retraced more than 61.8% of wave a. Further break above 3710 can extend its rally towards 3800 levels whereas on downside 20 periods EMA can be maintained as immediate support.
In short, trend for Crude is positive. Prices are expected to continue its momentum on upside if prices manage to break above 3710 levels to capture move towards 3800 levels. On downside 20 periods EMA can be maintained as immediate support.
In the previous report we mentioned, “Break above 415.70 is required for prices to move higher towards 420 levels. The mentioned scenario stays valid as long as 409 are intact on the downside.” BANG ON! Prices moved in similar manner and made a high near 421 levels.
As shown on the daily chart, prices witnessed a thrown-over but managed to re-enter the channel and are now witnessing an attempt for positive reversal.
As shown in the hourly chart, copper in the previous session had a gap-up opening and managed to sustain the gap as it traded in green throughout the session. The wave theory suggest that wave x looks to be in matured stage, if we see prices further lower that will confirm termination of wave x on the upside and being wave a.
In short, for copper break above 421 can take the prices higher towards 425-426 levels while a move below 415 can take the prices towards 410 levels.
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