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NYMEX Crude Oil retraced in last week’s trade but overall chart structure indicates buy on dips. On the daily charts, it took support on the 20 DMA and is moving higher. On the way up, it is likely to inch higher towards the upper end of the channel which is currently pegged at 79. On the way down, 68 will be a crucial support zone in the near term, which is 61.8% of the recent rise. A pullback towards the support zone can be considered as a buying opportunity. The daily momentum indicator is negative but weekly the momentum indicator is still in the positive mode.
  Buy on dips

Gold Re-testing breakdown level


Gold

Gold corrected towards 1282 post the range breakdown. Currently, it has witnessed a bounce from 1282 and has re-tested the breakdown level. On the way up, the index has multiple resistances at 1305 – 1317 zone. In Friday’s trading session, the yellow metal touched 20 DMA and closed lower. The yellow metal can start its next leg of down move towards 1282 and subsequently towards 1260, if it fails to close above 1317. Traders must keep a close watch as it is trading around the resistance zone. The daily momentum indicator is bullish.
  Gold Re-testing breakdown level


Gold was trading in the range of 1300 – 1366 since the past many weeks. However, in the previous week, the yellow metal broke the range on the downside. Therefore, the trend has turned bearish. On the way up, 1300 – 1317 will act as resistance in the near term. Rise towards the resistance level shall be considered as a selling opportunity. On the way down, the yellow metal is likely to drift lower towards 1275 – 1260 level in the forthcoming trading session. The daily momentum indicator is bearish.

 



Adjacent chart shows price movement of MCX Lead continuous contract. Lead is witnessing a pullback of its previous fall. Currently, it has retraced 50% of its previous fall. If it sustains above 161.90, then the pullback can extend higher towards 164 – 167.85 in the forthcoming trading sessions. On the way down, 157.65 – 154.25 will provide support. A break below 154.25 will indicate then the pullback is over and next leg of down move is likely start. The daily momentum indicator has turned bullish.
 


On the weekly chart, silver is consolidating in a triangle pattern. Currently, it has touched the lower end of the triangle and has bounced back. On the way down, 16.30 – 16.04 will be a crucial level in the near term. On the way up, 16.98 – 17.26 will be crucial resistance. A breakout from the triangle will determine the trend of the white metal going forward. However, we believe the white metal should break out on the upside. Therefore, we remain bullish on silver as long as it does not close below 16.04. The weekly momentum indicator is bullish.

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