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Published on 19/07/2019 9:16:52 AM | Source: Choice Broking Pvt Ltd

We expect bullish move in MCX Gold for the day - Choice Broking

Posted in Commodities Reports| #Commodity Tips #Choice Broking

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Gold

Gold prices slipped lower during the day on the account of profit booking from higher levels. On the daily chart, price has been moving in bullish trend but trading below rising trendline and upper Bollinger band formation, which act as immediate resistance zone. Moreover, price has shifted above Ichimoku Cloud with positive crossover. Additionally, COMEX Gold price has been hovering above $1400, which is a strong support level for near term. So based on the above structure, we expect bullish move in MCX Gold for the day.

 

Silver

MCX Silver has continued the day with gain of 1% and settled positively. On the daily chart, the price has given trendline breakout and sustained above it, which indicates continue bull-run in the counter. Moreover, price has sustained above 200 days Simple Moving Averages, and Ichimoku Cloud. Additionally, a momentum indicator RSI (14) and MACD has shown positive crossover, which adds more strength in price action. So based on the above technical structure, we expect further upside in the prices.

 

Copper

MCX Copper prices were slightly lower during the day. On the daily timeframe, prices sustained above upper Bollinger Band formation, which indicates continue bull-run in the counter. Moreover, price has shifted above 50*200 SMA which may cap the downtrend for long term. On the other end, COMEX Copper has also found the support of 200 weeks SMA, which indicates bullish move for long term. Hence, we expect bullish move for the day.

 

Nickel

MCX Nickel has continued the rally on fourth day of the week and settled with the gain of 3.5%. On the daily scale, price has given Horizontal Trendline breakout and sustained above it, which indicates continue bull-run in the counter. Moreover, price has moved above Ichimoku Cloud which confirms bullish trend for near term. A momentum indicator RSI (14) and MACD has traded higher with positive crossover. So based on the above structure, we are expecting bullish strength to be continued for the day.

 

Crude Oil

Crude oil prices fell by 3.5% on Thursday after Iran said it had seized a foreign tanker in the Persian Gulf, pushing geopolitical premiums higher after a brief lull. On the daily timeframe, price has given rising trendline breakdown and sustained below it, which indicates downside move in the counter. Furthermore, a momentum indicator RSI (14) and MACD has shown negative crossover. Additionally, NYMEX Oil price has slipped below 200 days SMA. So based on the above analysis, we are expecting bearish move for the day.

 

Natural Gas

MCX Natural Gas price has crashed more than 1.5% on Thursday despite of positive storage data. On the daily timeframe, price has slipped below the lower line of Broadening formation, which indicates bearish trend for near term. Moreover, it has also moved below 21 days Simple Moving Average, which suggest downward move in the counter. Additionally, a momentum indicator RSI (14) and MACD has shown negative crossover. So based on the above technical structure, we expect bearish move for the day.

 

Jeera

NCDEX Jeera price has slipped more than half percent on Thursday trades. On the daily chart, price has formed rounding bottom formation and moved above the prior resistance of Rs.18040 level. Moreover, price has sustained near 50% retracement level of its prior trend. Furthermore, price has shifted above 100 days SMA & EMA, which indicates bullish strength in the counter. Additionally, a momentum indicator RSI (14) reading is at 61.77 with positive crossover. So based on the above structure, we expect bullish move for the day.

 

Guar Seed

NCDEX Guar Seed has traded in narrow range on Thursday. On the daily scale, price has failed to sustain above the falling trendline and tested middle Bollinger Band formation, which could be a support for immediate downside. Moreover, price has supported by 50 days EMA, which indicates further uptrend. In additions, a momentum indicator RSI (14) and MACD has shown positive strength. So based on the above analysis, we expect further upside in Guar Seed future for the day.

 

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