Pritam Kumar Patnaik
Outlook: The gold value has continued to tumble within the final week and this down transfer has additionally damaged the assist of Rs 30,500. This means that negativity can proceed within the coming weeks.
The every day chart under exhibits costs are intact within the downward black channel as per which it has extra space to cowl on the draw back. Also, the key assist as per upward transferring blue channel is positioned at Rs 30,000 stage. Hence, we anticipate costs to maneuver decrease in direction of Rs 30,000 ranges.
MCX Gold December Daily Chart
From previous couple of classes, the 5-day and 10-day EMA has been performing as hurdles to the rise. Thus bearish pattern can proceed on this commodity.
International gold costs are displaying unfavorable indicators after testing $1,230 on the upside. Hence, down transfer in International gold costs in addition to appreciation in Indian rupee can proceed to maintain MCX Gold underneath strain.
Strategy: Sell MCX Gold December 2018 futures on rise in direction of Rs 30,600 with Rs 30,740 as cease loss and goal in direction of Rs 30,200 will be anticipated.
Outlook: MCX silver December remained in weak pattern for the fifth consecutive week and fashioned bearish candlestick sample. Last week, it misplaced round 3.54 %. Prices at the moment are buying and selling on the psychological assist stage of Rs 36,000.
The every day chart under exhibits costs have been intact on the downward channel and as per this channel, it nonetheless has extra space to cowl on the draw back. Thus it’s higher to not catch the low on this commodity.
MCX Silver December Daily Chart
The 15-day EMA is performing as resistance to the down transfer, due to this fact if we don’t see shut above this EMA, the pattern can be bearish.
RSI has reversed on the draw back from 40 and as per prior pattern, it could transfer in direction of 25 which is unfavorable for costs.
Strategy: Sell MCX silver December 2018 futures on rallies in direction of Rs 36,300 with Rs 36,800 as a cease loss and a goal of Rs 35,200.
Outlook: Last week was the seventh week the place crude oil value remained underneath strain and made a low of Rs 3,574. From the excessive of Rs 5,669 within the month of September 2018, it has fallen 37 % until now in a brief interval. Such strikes don’t present a good sign from medium term-perspective for the world economic system.
The weekly chart under exhibits it has violated the upward transferring channel assist, nevertheless, it will likely be essential to see if it closes under Rs 3,574 or not. Any shut under this may additional drag costs in direction of decrease ranges.
MCX Crude December Daily Chart
For now, there are not any reversal indicators on every day and weekly charts and this pattern will stay in promote on rallies mode. Looking on the 60 minutes chart, any rallies in direction of Rs 3,750 needs to be used as a promoting alternative. On the upside, Rs 3,900 is the short-term resistance whereas Rs 4,160 is the medium-term resistance.
On the draw back, a break under Rs 3,574 will means that pattern in direction of rs 3,300 has began.
Strategy: Sell crude December 2018 futures on rallies in direction of Rs 3,750 with Rs 3,900 as a cease loss and a goal of Rs 3,500.
The creator is Head, Reliance Commodities.
Disclaimer: The views and funding suggestions expressed by funding specialists on moneycontrol.com are their very own, and never that of the web site or its administration. Moneycontrol.com advises customers to verify with licensed specialists earlier than taking any funding selections.