Page 12 | MCX — Trading Ideas on TradingView

Swiss gold referendum - A bear trap ???Gold (01.12.2014) reverse from $1207 mark which we mention as first resistance for bulls. However fall from mention level should taken as correction or profit booking but swiss gold referendum added more fuel & created panic selling. Now gold is trading around $1275 & we have witness a sharp bounce from recent low $1142 made just after a NO answer from swiss gold referendum. The bounce producing a major among trader that how actually this NO going to react. Here is the most possible answer. Swiss gold referendum YES would force swiss banks to buy tonnes of gold to increase the gold holding from 8% to 20% but a NO answer is actually not going to change anything for gold normal trading. The panic selling come in first trading session was not supported by volume (see chart), while the NO answer avoided the immediate buying from swiss banks but now it is mandate for central bank to buy gold from open market or off market. Coming to technical picture, gold made a low of $1142 & now trading above $1169 which represent the 61.8% fibonacci retracement of last upside move till $1207. A stability above this mark with volume & a very positive divergence on day chart suggest that gold already digested swiss result & a technical upside move will continue for coming trading session. A break above $1207 will provide more strength & we may witness a quick move towards $1247. MCX GOLD traded lower with spot gold however the correction more deeper due to removal of 80:20 rule by indian government & low volume. Still on technical front gold was able sustain above previous low. This particular move forming a double bottom pattern which is well supported by positive divergence as shown in the chart. Channel resistance situated around 26780 & if this is broken we may witness a sharp move 26900 & more. Swiss gold referendum could prove a big bear trap if above technical picture stay alive. Best of luck Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us Call Us : 088890 34986

Gold broken major resistance Gold(17.11.2014) moved higher in last week on profit booking as well as on challenging fundamental growth of major economy. However branching the strong resistance zone with volume could change long term scenario. Now gold is trading around $1187 & we can see on charts, friday gold rally more than 3% & provided a closing above $1182-1172 resistance which where able to stop gold momentum many times. Technically after breaking $1180 mark gold made a low of $1131 while unable to close below $1138 mark which represent the 161.8% Fibonacci retracement level. This area was very close to the lower trendline of current descending channel too. An elliott wave bearish pattern completion also suggest for 3 corrective wave pattern ahead. On fundamental side, upcoming swiss bank referendum on 30th nov could play major role for gold price. A voting result in favor of swiss referendum will force swiss banks to buy big quantity of gold which will never come back in market for liquidation. Based on above studies , there is a major probability that gold will provide a corrective move towards support zone & then move upside for possible targets around $1207 & then $1225 atleast. A day close below $1272 will delay the forecast. Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us Call Us : 088890 34986 MCX levels -> S2(26160) S1(26300) cmp(26425) R1(26650) R2(27000) www.mantracommodity.blogspot.in

Corrective bounce ahead Crude (12.9.2014) fall sharply in last few weeks & reach to the $90 sociological level. Now crude is trading around $92.40 & the bounce $90 mark is well supported by many factors like 261.8% feb ret. , a lower tradeline of descending channel as well as a very strong positive divergence. All this together providing a buying opportunity at current level. On fundamental side , continue demand for sanction on russia putting a dent on crude production future. Based on above studies , crude possibly move towards $94.80 & then $96.50. a day close below $89.50 will delay the forecast. MCX -> S2(5550) S1(5550) cmp(5678) R1(5740) R2(5833) Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us Call Us : 088890 34986