By Paul Ploumis 04 Sep 2015 Last updated at 02:19:26 GMT
As anticipated, MCX Oct Gold prices extended the fall and broken its primary trend-line support at 26580 levels. This signifies that the near-term bearish trend remains intact and further fall can be seen towards 26243 & 26075levels.
Daily trading Bites | Commodities |
MCX Oct Gold
As anticipated, MCX Oct Gold prices extended the fall and broken its primary trend-line support at 26580 levels. This signifies that the near-term bearish trend remains intact and further fall can be seen towards 26243 & 26075levels. Hence, any rise can be utilized to create shorts at 26477 levels.
| Action | Entry | Target | Stop |
| SELL | Around 26477 | 26243/26075 | 26611 |
MCX Sep Lead
MCX Sep Lead futures traded higher in the first half and made a high of 115.25 levels. But failed to extend the gains and fell back into negative zone by forming a “hanging man” on daily charts. Overall view remains weak and is likely to extend the fall towards 112 & 110.70 levels.
| Action | Entry | Target | Stop |
| SELL | Around 963 | 945/933 | 977 |
MCX Sep Lead futures traded higher in the first half and made a high of 115.25 levels. But failed to extend the gains and fell back into negative zone by forming a “hanging man” on daily charts. Overall view remains weak and is likely to extend the fall towards 112 & 110.70 levels.
Outlook & Intraday Strategy | ||||||||
| Commodity | Expiry | S1 | S2 | Last Trade | R1 | R2 | Intraday | Recommendation |
| Gold | 05'Oct | 26243 | 26075 | 26394 | 26477 | 26611 | Bearish | Sell at R1 TGT S1 SL 26611 |
| Silver | 05'Dec | 34830 | 34460 | 35400 | 35600 | 36065 | Bearish | Sell at R1 TGT S1 SL 36065 |
| Copper | 30'Nov | 352.20 | 349.00 | 352.60 | 357.00 | 360.00 | Bullish | Buy at S1 TGT R1 SL 349 |
| Nickel | 30'Sep | 658 | 649 | 661.30 | 674.0 | 684.00 | Bullish | Buy at S1 TGT R1 SL 649 |
| Zinc | 30'Sep | 119.55 | 118.30 | 120.35 | 121.00 | 122.15 | Bearish | Sell at R1 TGT S1 SL 112.15 |
| Lead | 30'Sep | 112.00 | 110.70 | 113.25 | 114.00 | 115.15 | Bearish | Sell at R1 TGT S1 SL 115.15 |
| Aluminum | 30'Sep | 106.70 | 105.55 | 107.80 | 108.80 | 110.00 | Sideways | Wait for call |
| Crude Oil | 21'Sep | 3107 | 3066 | 3086 | 3189 | 3235 | Bullish | Buy at S1 TGT R1 SL 3066 |
| Natural Gas | 25'Sep | 179.8 | 177.2 | 180.9 | 184.0 | 187.00 | Bullish | Buy at S1 TGT R1 SL 177.20 |
Courtesy :Way2Wealth
WAY2WEALTH Brokers Private Ltd., CIN U67120KA2000PTC027628 - Email: research@way2wealth.com website: www.way2wealth.com No. 14, Frontline Granduer, Walton Road, Bangalore-560001 Way2wealth Research is also available on Bloomberg WTWL
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