website: contact no: 0413-4200100 email id: … · 2019. 1. 21. · mcx copper feb 60 mins chart:...

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32,00 c

21 January, 2019

Bottom-Line: Prices of Gold can move sideways to positive and Silver is range bound between 39000 and 39400, trend for MCX Copper continues to stay positive and trend for MCX Crude is positive

MCX Gold Continuous Daily chart:

GOLD-1M - Daily 18-01-2019 Open 32276, Hi 32319, Lo 32055, Close 32091 (-0.5%) EMA(Close,50)

(b)

(ic)

100.0% 32630.10 e

61.8%

33,000

0

31,525.1

(d)

(f) a

b

a0.0% f

b d

31,000

30,000

(ii) 29,000

(e)

(g) 2

28,000

27,000 (c) wave 3 is corrective as it is part of Ending Diagonal

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

26,000

GOLD-1M - RSI(14) = 59.28 70

59.2808

30

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

32,091

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50

21

2019 8 201

14 7 31 24 17 10 3 29

Relative Strength Index (48.2352)

30400

30300

30200

30100

30000

32500

32400

32300

32200

32100

32000

31900

(g)

z

d

(b)

(a)

(b)

(c)

e (c)

(a)

M_GOLD-FEB (32,044.00, 32,195.00, 32,004.00, 32,172.00, +76.00)

MCX Gold Feb 60 min chart:

(a) 31800

31700

31600

31500

(x) 31400

(b)

31300

31200

31100

f 31000

30900

30800

30700

30600

30500

Wave analysis:

As shown on daily chart, wave g of Diametric pattern is ongoing on upside which usually tends towards 100% of wave a move, so we can expect a move towards 32630 levels in coming few session. However, an important support is placed near 31900 levels and break below this on closing basis will provide first confirmation of change in trend. Also its 50-days EMA is acting as support on downside keeping the trend positive.

As shown on hourly chart, prices are moving within the upward slopping blue channel. So as long as support trendline is intact on downside move towards higher levels can be expected. Wave (c) is ongoing on upside which is forming Ending Diagonal pattern. It is advisable to maintain proper risk management strategy as market is very volatile.

In short, MCX Gold trend is positive as long as 31900 is intact on downside. Move towards 32400 is expected.




MCX Silver continuous daily chart:

SILVER-1M - Daily 18-01-2019 Open 39450, Hi 39583, Lo 39107, Close 39198 (-0.5%) EMA(Close,20)

(x)

(b)

45,000

44,000

43,000

(a)

(d)

(f)

(x)

(b)

(d)

(f)

(x) 100.0%

76.4%

b

d 39022.99

42,000

41,000

40,000

39,198 39,000

(c)

(g)

(e)

(a)

(c)

(e)

(g) 61.8%

a

0.0%

c 38224.17

f

e

g

38,993.4

38,000

37,000

36,000

35,000

SILVER-1M - RSI(14) = 57.30

(a) 34,000

33,000

70

57.3007

30

Apr Jul Oct 2018 Apr Jul Oct 2019




Silver Mar 60 mins chart:

c

g (a)

a

b

c

M_SILVER-MAR (39,155.00, 39,224.00, 39,120.00, 39,194.00, +13.00)

c e

f

d

a b

x

g

40000

39500

39000

38500

38000

37500

37000

36500

36000


80

75

70

65

60

55

50

45

40

35

30

25

29 3 10 17 24 31 7 14 21 201 8 2019

Wave analysis: In previous update for Silver we mentioned, “On the downside a break below 39450 can take prices lower towards 39200.” Prices moved in a similar manner and made a low near 39150 levels. As shown on the daily chart, Prices have not shown a decisive break below the pivot support of 39900. A break below this will indicate that wave (b) is completed on the upside and wave (c) has started on the downside As shown on the hourly chart, prices in the previous session moved towards lower levels in overlapping fashion and took out the prior leg in faster time indicating that wave g might be completed on the upside and the next leg on the downside in the form of wave a might have started. Prices are now arriving towards support trendline. A break below 39150 can take prices lower towards 38900 levels. However a failure to break that on the downside can keep the price action range-bound between 39000 and 39400.

In short Silver is range bound between 39000 and 39150 a break of this range will drive prices in that direction.




70

a

MCX Crude daily chart:

CRUDEOIL-1M - Daily 18-01-2019 Open 3738, Hi 3834, Lo 3724, Close 3827 (3.8%) 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

3,827

(b)

a)

76.4% (a)

(1c0)0.0%

(e) Y

(c)

(b)

(d)

(f) (x)

3,569.33 3,500

3,000

2,500


CRUDEOIL-1M - RSI(14) = 63.97

63.9676

30





MCX Crude Jan 60 min chart:

Wave analysis:

In the previous update of MCX Crude we mentioned that “trend for Crude looks positive over short term. Rally can be expected towards higher levels near 3800 followed by 3850 if prices manage to break above 3750 levels keeping 3600 as immediate support.” BANG-ON! Prices moved in-line with our expectation and made high near 3833 levels.

As shown on hourly chart, prices are forming Irregular Flat pattern in which wave b is currently ongoing that retraced more than 100% of wave a. Further break above 3835 levels will continue its momentum on upside towards higher levels near 3950 levels keeping the gap area of 3700 as important support.

In short, trend for MCX Crude is positive. Rally can be expected towards 3950 or higher levels in accordance to Elliott Wave theory of Irregular Flat pattern in upcoming sessions. On downside strict stop loss should be mentioned near 3700 levels for above mentioned scenario.

M_CRUDEOIL-JAN (3,814.00, 3,825.00, 3,800.00, 3,818.00, +6.00)

x

100.0%

c

x

61.8%

g a

50.0% b

c

38.2%

a

x

23.6%

b

0.0%

a

3950

3900

3850

3800

3750

3700

3650

3600

3550

3500

3450

3400

3350

3300

3250

3200

3150

3100

3050

3000

2950

Relative Strength Index (75.9807) 90

80

70

60

50

40

30

20

29

2018

10 17 24 31 7 14 20

2019




43

420

MCX Copper Daily chart:

g

e

c c

a b

a x x

b b

c x

d f y

a i of v

c

470

460

450

440

429.35 0

419.849

iv a c

w

410

400

390

COPPER-1M - RSI(14) = 58.37

70

58.3656

30

2018 Apr Jul Oct 2019

2019 Oct Jul Apr 2018

COPPER-1M - Daily 18-01-2019 Open 424.5, Hi 430.8, Lo 424.5, Close 429.35 (1.4%) 510

iii 500

490

480




MCX Copper Feb 60 mins chart:

M_COPPER-FEB (428.45, 429.60, 428.15, 429.35, +0.40)

d f

450

445

440

435

430

e b

d 425

420

g 415

a e 410

c

405

400

395

70

60

50

40

30

20

21

2019

Waves Analysis:

On daily chart, prices are hovering over its resistance trendline. It will be interesting to see if prices manage to break this trendline or not. However, prices have taken out its 50-days EMA on closing basis. So break above 440 will indicate that a new trend is ongoing on upside.

As shown in the hourly chart, prices are moving in overlapping manner in upward direction and are now moving within the upward slopping blue channel. Wave e has completed on downside and as of now wave f on upside is ongoing. Also its 50-periods EMA is acting as support on downside keeping the tone positive.

In short, trend for copper is positive. Prices can move towards 435 levels as long as 425 stay intact on the lower side.

8 201

14 7 31 24 17 10 3 29


x




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website: contact no: 0413-4200100 email id: … · 2019. 1. 21. · mcx copper feb 60 mins chart:...

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