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33,00

32,000

01 February, 2019

Bottom-Line: Prices of Gold and Silver remain sideways to positive, for MCX Copper prices can move towards higher levels and trend MCX Crude is bullish.

MCX Gold Continuous Daily chart:

GOLD-1M - Daily 31-01-2019 Open 32988, Hi 33272, Lo 32925, Close 33056 (0.5%) EMA(Close,50)

33,056 0

wave 3 is corrective as it is part of Ending Diagonal

b)

(i) c

c e

31,817.8

(d)

(f) a

b

a f 31,000

b d 30,000

(ii) 29,000

(e)

(g) 2

28,000

27,000

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

GOLD-1M - RSI(14) = 73.70 73.6953

70

30

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

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50

February 2019 2018

28 21 14 7 31 24 17 13

Relative Strength Index (54.3701)

(c)

M_GOLD-FEB (33,057.00, 33,087.00, 33,020.00, 33,035.00, +30.00)

-MCX Gold Feb 60 min chart:

33400

33300

33200

33100

33000

32900

32800

32700

32600

32500

(c) 32400

32300

(a) 32200

32100

(x) 32000

(b) 31900

(a) 31800

31700

31600

31500

(x) (b)

31400

31300

31200

31100

f 31000

30900

Wave analysis: In previous session MCX Gold we mentioned that, “trend for MCX Gold is positive. Move towards 33100 can be expected. It is advisable to maintain proper support near 32400 levels to capture the upmove.” Prices have moved in similar manner making a high near 33272 levels. MCX Gold in previous session witnessed a gap up opening near 32988 and surged towards higher levels 33272 levels and closed on a positive note. From past 5 days prices are able to protect its previous bars low indicating momentum is building on upside. As long as previous low near 32925 is intact move towards higher levels of 33500 can be expected. As shown on hourly chart, wave a is ongoing on upside.. Prices took support of its 50-periods EMA and moved towards higher levels indicating an important support zone is placed near this EMA and as long as it is intact on downside bias remains positive.

In short, trend for MCX Gold is positive. Move towards 33500 can be expected. It is advisable to maintain proper support near 32800 levels to capture the upmove.




70

MCX Silver continuous daily chart:

SILVER-1M - Daily 31-01-2019 Open 40420, Hi 40689, Lo 39902, Close 40439 (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

40,439

40,000

39,453.9

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) = 69.68 69.6795

30

Apr Jul Oct 2018 Apr Jul Oct 2019




Silver Mar 60 mins chart:

x

a

M_SILVER-MAR (40,251.00, 40,408.00, 40,250.00, 40,333.00, -80.00)

e

c

g

d

f

b

x

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

13 17 24 31 7 14 21 28

2018 2019 February

Wave analysis In previous update for Silver we mentioned, “for Silver remains sideways to positive and a move towards 40600 can be expected with short term support placed near 40100 levels.” Prices moved as expected and made a high near 40689 levels. As shown on the daily chart, prices formed a long legged Doji candle in the previous session indicating ongoing confusion in the market. As long as we do not see a close below prior bars low the trend remains positive. As shown on hourly chart, post completion of wave x prices witnessed a upmove. The upmove has been overlapping in nature indicating that the upmove is corrective In nature. Prices are moving within the blue channel and are currently near the channel support. Looking at the RSI indicator we can see that the overbought zone for the indicator has shifted towards 70 zone and in the previous session when prices reached the same some selling pressure was witnessed. A break above 40700 will resume the upmove and can take prices higher towards 41000 whereas on the downside a decisive break below 40000 can take prices lower towards 39800 levels. In short Silver is at a crucial juncture and a break above 40700 is required to resume the upmove. A decisive close below 40000 will keep the price action range-bound.




MCX Crude daily chart:

CRUDEOIL-1M - Daily 31-01-2019 Open 3891, Hi 3938, Lo 3848, Close 3869 (-0.9%) EMA(Close,20)

X (g)

6,000

0.0% c

(e) a

5,500

50.0%

61.8%

(e)

(g)

(a)

(b)

(c)

(d)

bx bd b

c ac e

(f)

5,000

4,500

4,000

3,869

(b)

)

76.4%

(a)

(1c0)0.0% (e)

Y

(c)

(b)

(d)

(f)

(x)

3,713.23

3,500

3,000

2,500


CRUDEOIL-1M - RSI(14) = 59.63

70 59.6332

30


a




MCX Crude Feb 60 min chart:

Wave analysis:

As shown on daily chart, MCX crude on Wednesday managed to break its overall range on upside which suggest buying interest can be witnessed in upcoming sessions. Break above 3950 will indicates prices moving in northward direction.

As shown on hourly chart, prices are forming Complex Correction pattern in which wave b is completed near 3660 levels and wave c is currently ongoing on upside. 50 periods EMA can be used to gauge short term support for Crude. Prices are trading near channel resistance so some sideways to positive action cannot be ruled out as long as we do not see decisive break above upper trendline i.e. above 3970 levels.

In short, 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.

4000

3950

3900

3850

3800

3750

3700

3650

3600

3550

3500

3450

3400

3350

3300

3250

3200

3150

3100

3050

3000

50

Februar 2019 2018

28 21 14 7 31 24 17 12


a

b

x

a

c

b a

b x

c

M_CRUDEOIL-FEB (3,839.00, 3,844.00, 3,827.00, 3,844.00, -9.00)

a




4

MCX Copper Daily chart:

COPPER-1M - Daily 31-01-2019 Open 436.25, Hi 439.9, Lo 435.5, Close 437.6 (0.2%)

iii g

510

500

490

480 e

a i of v

c c

a b

a

470

460

450

x x

b b

c x

d f y

iv

a

c w

437.6 40

430

423.707 420

410

400

390

COPPER-1M - RSI(14) = 61.61 70

61.6133

30

2018 Apr Jul Oct 2019

2019 Oct Jul Apr 2018




MCX Copper Feb 60 mins chart:

440

435

430

425

420

415

410

405

400

395

70 60 50 40 30 20

February

Waves Analysis:

In previous session, MCX Copper opened on a flat note near 436.25 and moved in range throughout the session failing to show any trendy move in either direction but manage to close on a positive note near 437.50.

As shown in the hourly chart, Prices are moving precisely within the upward slopping blue channel and as long as support trendline is intact on downside move towards higher levels can be expected. Also its 50- periods is now providing a support indicating positive bias. Wave a is ongoing on upside. We can expect some sideways action which will help digest the sharp fall.

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.

M_COPPER-FEB (435.50, 436.55, 435.45, 436.20, -1.15)

f

x b

a e g

c

24 7 21 2019

28 14 31


g

d




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