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GOLD

On a weekly chart, MCX Gold (Dec) future has been trading in a Symmetrical Triangle pattern from last couple of weeks. Although, the price may take immediate support of the prior demand zone & the 50 Exponential Moving Averages which indicate a bullish reversal in the counter for the near future. In addition, a momentum indicator RSI (14) reading is above 50 levels, which is also supportive for the long position. Moreover, the indicator MACD also suggested positive crossover, which is again an upside confirmation, Furthermore, In COMEX division gold has strong support at $1805. Hence, based on the above technical structure one can initiate a long position in MCX Gold (Dec) future at CMP 47900, or a fall in the price till 47800 levels can be used as buying opportunity for the upside target of 48900. However, the bullish view will be negated if MCX Gold (Dec) future closes below the support level of 47400.

GUAR SEED

Ona weekly chart, after a long bullish rally, the NCDEX Guar seed (Dec) has reversed from the upper band of Trendline and shifted below the upper Bollinger band , which indicates some correction in the counter. In addition, an oscillator Stochastic RSI is suggested negative crossover. Moreover, on the daily chart, the indicator MACD suggested negative crossover, which is again a downside confirmation. However, the price is trading above Ichimoku cloud, which indicates a slightly recovery in the counter. Hence, based on the above technical structure we are expecting bearish movement for the month ahead. On the downside, it may find support around 6200 while upside resistance is intact at 7270.

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