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32,160 c

23 January, 2019

Bottom-Line: Prices of Gold and Silver can move in range, trend for MCX Copper is sideways to negative and trend for MCX Crude looks negative.

MCX Gold Continuous Daily chart:

GOLD-1M - Daily 22-01-2019 Open 31998, Hi 32194, Lo 31957, Close 32160 (0.4%) EMA(Close,50)

100.0% 32630.10 e

33,000

(b)

(d)

(f)

(i) c

a

b

61.8%

a0.0% f

b d

32,000

31,569.5

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

GOLD-1M - RSI(14) = 60.37

70

60.3727

30

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

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50

21

2019 2018

14 7 31 24 17 10 4

Relative Strength Index (51.4249)

32500

(b) f

e (c)

M_GOLD-FEB (32,159.00, 32,170.00, 32,103.00, 32,125.00, -33.00)

MCX Gold Feb 60 min chart:

32450

32400

(c) 32350

32300

(a) 32250

32200

32150

32100

32050 32000

(c) 31950

(b) 31900

31850

(a) 31800

31750

31700

31650

31600

31550

31500

31450

(x) 31400

(b) 31350

31300 31250

31200

31150

31100

31050

31000

30950

30900

30850 30800

Wave analysis:

As shown on daily chart, wave g is ongoing and prices are now hovering over its blue resistance trendline. as per Fibonacci extension wave g can extend up to 100% of wave a move so move towards 32600 levels in coming few sessions. It's 50- days EMA is managing to provide support near 31570 on downside keeping the tone positive.

As shown on hourly chart, wave (c) has completed on downside and currently wave (x) is ongoing on downside. We can expect some range-bound movement with support placed near 31950 levels. Prices are intact within its blue upward slopping channel so as long as support trendline is protected on downside bias remains positive.

In short, MCX Gold prices can move in range-bound manner and break above 32250 levels can take the prices towards 32400 levels.




39,00

MCX Silver continuous daily chart:

SILVER-1M - Daily 22-01-2019 Open 38820, Hi 39130, Lo 38733, Close 39072 (0.5%) EMA(Close,20)

45,000

(x)

(a)

(b)

(d)

(f)

(x)

(b)

(d)

(f)

(x) 100.0%

b d

44,000

43,000

42,000

41,000

40,000

39,072 0

(a)

(g) 76.4% 39022.99

38,991.7

(c)

(e)

(g)

(c)

(e) 61.8%

a

c 38224.17

f

e

38,000

37,000

36,000

35,000

SILVER-1M - RSI(14) = 54.52

0.0% g (a)

34,000

70

54.5189

30

Apr Jul Oct 2018 Apr Jul Oct 2019




Silver Mar 60 mins chart:

Wave analysis: Silver in the previous session opened on a negative note and witnessed selling for the first half post that prices showed some recovery on the upside closing near 39072 recovering almost all the losses of the day. As shown on the daily chart, prices might have completed wave b on the upside however the momentum on the downside has been slow, A decisive close below 38600 will indicate that wave b is completed and the next leg on the downside has started in the form of wave c, As shown on the hourly chart, prices post completion of wave g on the upside drifted towards lower levels and retraced 38.2% of the prior rise. In yesterday’s session prices shoed V shaped recovery keeping the overall price action range-bound. Prices have broken the downward sloping red channel and closed above it. A break above 39200 can take prices higher towards 39400 whereas on the downside a break below 39000 can take prices lower towards 38800

In short for Silver the price action remains range-bound between 39400 and 39000. A break of these levels will drive the prices in that direction.

M_SILVER-MAR (39,127.00, 39,155.00, 39,090.00, 39,090.00, +40.00)

e g 0.0% c

f 23.6%

d

c 38.2%

50.0%

a b

61.8%

a

100.0%

x

b

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

21

2018 2019

14 7 31 24 17 10 4





a

MCX Crude daily chart:

CRUDEOIL-1M - Daily 22-01-2019 Open 3855, Hi 3858, Lo 3724, Close 3749 (-3.3%) 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

3,749

(b)

a)

76.4% (a)

(1c0)0.0%

(e) Y

(c)

(b)

(d)

(f) (x)

3,612.86 3,500

3,000

2,500


CRUDEOIL-1M - RSI(14) = 57.35

70

57.3513

30





MCX Crude Feb 60 min chart:

Wave analysis:

MCX Crude made an Evening Star pattern on daily chart which is a bearish reversal sign. Prices from past few trading sessions are moving in a range between 3900 and 3700 levels. It will be ideal to wait for break of this range on either side to get clear view of upcoming trend.

As shown on hourly chart, prices are forming Complex Correction pattern in which wave a is completed on top near 3900 levels and wave b is currently ongoing on downside. Prices broke below channel support and have managed to sustain below it. Break below 3700 levels will infuse further selling pressure towards lower levels near 3600 levels. Immediate resistance is placed near 3850 levels.

In short, trend for Crude looks negative. Short positions can be created below 3700 levels for move towards 3600 levels keeping 3850 as immediate resistance.

3950

3900

3850

3800

3750

3700

3650

3600

3550

3500

3450

3400

3350

3300

3250

3200

3150

3100

3050

3000

50

21

2019

14 7 31 24 17 10


a

b

x

a

c

b a

x

c

a

M_CRUDEOIL-FEB (3,770.00, 3,795.00, 3,770.00, 3,788.00, +33.00)




42

MCX Copper Daily chart:

COPPER-1M - Daily 22-01-2019 Open 423.2, Hi 424.4, Lo 419.5, Close 420.15 (-0.6%)

iii g

e a i of v

c c c

a b

a x x b

b c x

d f y

iv a c

w

510

500

490

480

470

460

450

440

430

420.15 0 420.071

410

400

390

2018

Apr

Jul

Oct

2019

COPPER-1M - RSI(14) = 49.75

70

49.7454

30

2018 Apr Jul Oct 2019




MCX Copper Feb 60 mins chart:

M_COPPER-FEB (420.60, 422.70, 420.40, 422.10, +1.75)

f

f

e

x

b

d

g

a e

c

450

445

440

435

430

425

420

415

410

405

400

395


70

60

50

40

30

20

4 10 17 24 31 7 14 21 2018 2019

Waves Analysis:

As shown on daily chart, prices are moving precisely within downward sloping red channel and have reversed from its resistance trendline indicating its importance. So as long as it is intact on upside bias remains sideways to negative.

As shown hourly chart, Diametric pattern is ongoing of which wave f has completed on upside and currently wave g is ongoing on downside. We are showing 50-periods EMA which has managed to capture major trend and it is now acting as resistance keeping the tone negative.

In short, trend for Copper is sideways to negative and prices are expected to move towards 413 as long as 425 remain intact on the upside.




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