Website: Contact No: 0413-4200100 Email ID: … · 2019-02-04 · MCX Copper Daily chart: COPPER-1M...

Website: www.gcbroking.in Contact No: 0413-4200100 Email ID: [email protected] Whatsapp No: 7094477722

32,00

04 February, 2019

Bottom-Line: Trend for Gold is sideways to positive, For Silver prices are range bound between 40700 and 40000 for MCX Copper the trend remains positive and trend MCX Crude is bullish.

MCX Gold Continuous Daily chart:

GOLD-1M - Daily 01-02-2019 Open 33057, Hi 33464, Lo 32953, Close 33405 (1.1%) EMA(Close,50)

34,000

33,405

33,000

wave 3 is corrective as it is part of Ending Diagonal

(i) c

c e

31,880 0

(d)

(f) a

b

a f 31,000

b d 30,000

(ii) 29,000

(c)

(e)

(g) 2

28,000

27,000

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

GOLD-1M - RSI(14) = 77.64 77.6434

70

30

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

http://www.gcbroking.in/

mailto:[email protected]


MCX Gold Feb 60 min chart:

Wave analysis: In previous session MCX Gold we mentioned that, “Move towards 33500 can be expected. It is advisable to maintain proper support near 32800 levels to capture the upmove.” Prices have moved in similar manner making a high near 33464 levels. As shown on daily chart, prices are moving towards higher levels and managing to protect its previous bars low from past 6 sessions. Break below 32950 will be first sign of concern. wave g of Diametric pattern is ongoing on upside. As shown on hourly chart, Prices are moving within the upward slopping blue channel and as long as channel support is protected on downside move towards higher levels is expected. Currently, wave a is ongoing on upside. Its 50-periods EMA is providing an important support zone as long as it is intact on downside bias remains positive. In short, trend for MCX Gold is positive. Move towards 33800 can be expected. It is advisable to maintain proper support near 33200 levels to capture the upmove. However, some sideways action cannot be ruled out which will help relive RSI from its overbought zone.

50

4

February 2019 2018

28 21 14 7 31 24 4 1

Relative Strength Index (70.0899)

33900

33800

33700

33600

33500

33400

33300

33200

33100

33000

32900

32800

32700

32600

32500

32400

32300

32200

32100

32000

31900

31800

31700

31600

31500

31400

31300

31200

31100

31000

30900

30800

f

(x) (b)

(a) (b)

(x) (c)

(a)

(c)

M_GOLD-FEB (33,750.00, 33,750.00, 33,365.00, 33,370.00, -40.00)




70

MCX Silver continuous daily chart:

SILVER-1M - Daily 01-02-2019 Open 40251, Hi 40786, Lo 40200, Close 40576 (0.3%) EMA(Close,20) (x)

(b)

44,000

43,000

(a)

(d)

(f)

(x)

(b)

(d)

(f)

(x)

b

d

42,000

41,000

40,576

40,000 39,560.7

39,000

(c)

(g)

(a)

(c)

(e)

(g)

c

f

38,000

37,000

(e)

a

e

g

(a)

36,000

35,000

34,000

SILVER-1M - RSI(14) = 70.99 70.9893

30

Apr Jul Oct 2018 Apr Jul Oct 2019




Silver Mar 60 mins chart:

x

a

M_SILVER-MAR (40,505.00, 40,539.00, 40,326.00, 40,510.00, -70.00)

e

c

g

d

f x

b

41000

40900

40800

40700

40600

40500

40400

40300

40200

40100

40000

39900

39800

39700

39600

39500

39400

39300

39200

39100

39000

38900

38800

38700

38600

38500

38400

38300

38200

38100

38000

37900

37800

37700

37600

37500

37400

37300

37200

37100

37000

36900


80

70

60

50

40

30

20

1 4 24 31 7 14 21 28 4 2018 2019 February

Wave analysis Silver in the previous session opened near high however failed to sustain near the same and started moving towards lower levels. Prices showed a v shaped and moved within range of 40200 and 40700. The momentum hereon will be crucial to determine the price action.

As shown on the daily chart, prices formed a small red candle and showed an inside bar kind of formation. A break below 40200 will infuse selling pressure and take prices towards lower levels.

As shown on hourly chart, post completion of wave x prices are moving in the form of wave a. Also prices are hovering near the support trendline. We are also seeing divergence between the RSI indicator and prices. However the rise has been corrective so one should wait for the break of crucial levels to initiate fresh positions. A break below 40200 can take prices lower towards 40000 as long as 40650 remains intact on the upside. In short Silver is stuck in a range and a break above 40700 is required to resume the upmove whereas on the downside a break below 40200 can take prices lower towards 40000 levels.




4,0

70

a

MCX Crude daily chart:

CRUDEOIL-1M - Daily 01-02-2019 Open 3839, Hi 3989, Lo 3814, Close 3963 (2.4%) EMA(Close,20)

X (g) c 100.0%

6,000

5,500

(e) a

(e)

(g)

(a)

(b)

(c)

(d)

bx bd b

c ac e (f)

61.8%

50.0%

38.2%

5,000

4,500

3,963 00

3,737.02

(b)

)

(c)

(e) Y

(a)

(c)

(b)

(d)

(f) (x)

0.0% a

3,500

3,000

2,500


CRUDEOIL-1M - RSI(14) = 63.42

63.4175

30





MCX Crude Feb 60 min chart:

Wave analysis:

In the previous update for MCX Crude we mentioned that “trend for MCX Crude is short term positive and move towards 4000 can be expected in form of wave c whereas on downside immediate support is placed near 50-periods EMA i.e. near 3830.” Prices moved in similar manner on upside making high near 3986 levels.

As shown on hourly chart, wave b is completed near 3660 levels and wave c is currently ongoing of Complex Correction pattern. Prices are currently trading near channel resistance so some sideways to positive action cannot be ruled out. However a decisive break above 4000 levels can take prices towards 4050 levels.

In short, trend for MCX Crude is positive. If prices manage to surpass and sustains above 4000 levels rally towards higher levels near 4050 can be witnessed. As long as 3850 is protected on downside trend remains positive.

4050

4000

3950

3900

3850

3800

3750

3700

3650

3600

3550

3500

3450

3400

3350

3300

3250

3200

3150

3100

3050

3000

50

4

February 2019 2018

28 21 14 7 31 24 3 1


a

b

x

a

c

b a

b x

c

a

M_CRUDEOIL-FEB (3,959.00, 3,970.00, 3,959.00, 3,968.00, +0.00)




44

MCX Copper Daily chart:

COPPER-1M - Daily 01-02-2019 Open 435.5, Hi 439.85, Lo 434.45, Close 438.75 (0.3%)

iii g

500

490

e a i of v

c c

a b

a

480

470

460

450

d f

x x

b b

c x

y

iv

a ii of v

c w

438.75 0

430 424.865

420

410

400

390

70 62.3361

30

2018 Apr Jul Oct 2019

2019 Oct Jul Apr 2018

COPPER-1M - RSI(14) = 62.34




MCX Copper Feb 60 mins chart:

M_COPPER-FEB (438.40, 439.25, 437.65, 438.70, +0.00)

440

435

d

430

425

420

e

ii of v

415

410

c

405

400

395

70

60

50

40

30

20

4

February

Waves Analysis:

MCX Copper has been moving in a broad range of 435 and 440 levels since past two sessions. A break above this range is now required to gain momentum.

As shown in the hourly chart, Prices are moving in range with resistance placed near 439.90 levels. An important low is formed near 414 levels in form of wave ii of v and currently wave a is ongoing on upside. Its 50-periods is now providing a support indicating positive bias. Prices are hovering near the channel support and have bounced back previously from the support trendline. A break above 440 is required for the resumption of the upmove.

In short, for Copper trend is positive. Move towards 445 can be expected. For this outlook to remain valid 433 must be intact on downside.

9

28 21 14 7





Disclaimer:

The information in this document has been printed on the basis of publicly

available information, internal data and other reliable sources believed to be true, but we do

not represent that it is accurate or complete and it should not be relied on as such, as this

document is for general guidance only. We have made our best efforts to try and ensure

accuracy of data however, Green India Commodities or any of its affiliates /an employee shall

not be in any way responsible for any loss or damage that may arise to any person from any

inadvertent error in the information contained in this report. Investors should not solely rely

on the information contained in this document and must make investment decisions based on

their own investment objectives, risk appetite, investment horizon, financial strength or other

parameter. Green India Commodities has not independently verified all the information

contained within this document. Accordingly, we cannot testify, nor make any representation

or warranty, express or implied, to the accuracy, contents or data contained within this

document. The report is purely for information purposes and does not construe to be

investment recommendation/advice or an offer or solicitation of an offer to buy/sell any

securities. The opinions expressed are our current opinions as of the date appearing in the

material and may be subject to change from time to time without notice. This report is not

directed or intended for distribution to, or use by, any person or entity who is a citizen or

resident of or located in any locality, state, country or other jurisdiction, where such

distribution, publication, availability or use would be contrary to local law, regulation or

which would subject Green India Commodities and affiliates to any registration or licensing

requirement within such jurisdiction. Persons in whose possession this document may come

are required to inform themselves of and to observe such restriction.



Website: Contact No: 0413-4200100 Email ID: … · 2019-02-04 · MCX Copper Daily chart: COPPER-1M...

Documents

Transcript of Website: Contact No: 0413-4200100 Email ID: … · 2019-02-04 · MCX Copper Daily chart: COPPER-1M...