Website: www.gcbroking.in Contact No: 0413-4200100 Email ID: [email protected]Whatsapp No: 7094477722 Page 1 32,160 c 23 January, 2019 Bottom-Line: Prices of Gold and Silver can move in range, trend for MCX Copper is sideways to negative and trend for MCX Crude looks negative. MCX Gold Continuous Daily chart: GOLD-1M - Daily 22-01-2019 Open 31998, Hi 32194, Lo 31957, Close 32160 (0.4%) EMA(Close,50) 100.0% 32630.10 e 33,000 (b) (d) (f) (i) c a b 61.8% a 0.0% f b d 32,000 31,569.5 31,000 30,000 (ii) 29,000 (e) (g) 2 28,000 27,000 (c) wave 3 is corrective as it is part of Ending Diagonal 2017 Apr Jul Oct 2018 Apr Jul Oct 2019 GOLD-1M - RSI(14) = 60.37 70 60.3727 30 2017 Apr Jul Oct 2018 Apr Jul Oct 2019
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Website: Contact No: 0413-4200100 Email ID: … · 2019. 1. 23. · MCX Crude Feb 60 min chart: Wave analysis: MCX Crude made an Evening Star pattern on daily chart which is a bearish
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As shown on daily chart, wave g is ongoing and prices are now hovering over its blue resistance trendline. as per Fibonacci extension wave g can extend up to 100% of wave a move so move towards 32600 levels in coming few sessions. It's 50- days EMA is managing to provide support near 31570 on downside keeping the tone positive.
As shown on hourly chart, wave (c) has completed on downside and currently wave (x) is ongoing on downside. We can expect some range-bound movement with support placed near 31950 levels. Prices are intact within its blue upward slopping channel so as long as support trendline is protected on downside bias remains positive.
In short, MCX Gold prices can move in range-bound manner and break above 32250 levels can take the prices towards 32400 levels.
Wave analysis: Silver in the previous session opened on a negative note and witnessed selling for the first half post that prices showed some recovery on the upside closing near 39072 recovering almost all the losses of the day. As shown on the daily chart, prices might have completed wave b on the upside however the momentum on the downside has been slow, A decisive close below 38600 will indicate that wave b is completed and the next leg on the downside has started in the form of wave c, As shown on the hourly chart, prices post completion of wave g on the upside drifted towards lower levels and retraced 38.2% of the prior rise. In yesterday’s session prices shoed V shaped recovery keeping the overall price action range-bound. Prices have broken the downward sloping red channel and closed above it. A break above 39200 can take prices higher towards 39400 whereas on the downside a break below 39000 can take prices lower towards 38800
In short for Silver the price action remains range-bound between 39400 and 39000. A break of these levels will drive the prices in that direction.
MCX Crude made an Evening Star pattern on daily chart which is a bearish reversal sign. Prices from past few trading sessions are moving in a range between 3900 and 3700 levels. It will be ideal to wait for break of this range on either side to get clear view of upcoming trend.
As shown on hourly chart, prices are forming Complex Correction pattern in which wave a is completed on top near 3900 levels and wave b is currently ongoing on downside. Prices broke below channel support and have managed to sustain below it. Break below 3700 levels will infuse further selling pressure towards lower levels near 3600 levels. Immediate resistance is placed near 3850 levels.
In short, trend for Crude looks negative. Short positions can be created below 3700 levels for move towards 3600 levels keeping 3850 as immediate resistance.
As shown on daily chart, prices are moving precisely within downward sloping red channel and have reversed from its resistance trendline indicating its importance. So as long as it is intact on upside bias remains sideways to negative.
As shown hourly chart, Diametric pattern is ongoing of which wave f has completed on upside and currently wave g is ongoing on downside. We are showing 50-periods EMA which has managed to capture major trend and it is now acting as resistance keeping the tone negative.
In short, trend for Copper is sideways to negative and prices are expected to move towards 413 as long as 425 remain intact on the upside.