LET THE MARKET TELL WHO WE ARE

Here is the daily continuation chart of NATGAS MCX January contract which is getting support at rising trend line around 188 and resistance at 196.40, RSI on daily chart suggest more weakness in this counter and sustained declined below recent lows 182 would offer areas of 174 and 165 as primary supports. Previous closing was 188.70, resistance will remain at 196 and bulls need to produce minimum 2 closes above the same to claim their presence.

Gold approaching down sloping trend line of descending parallel channel and 50 EMA on 240 minute chart and testing lower line of bearish flag within this channel. Gold bulls need to show more power to establish a bullish direction above 1730 zones. Stability below 1730 still looking supportive for bears and whipsaw trades may trap both sides. MACD hovering under zero line supports a bearish trend and stability needed above 1730-35 zones to neglect the bearish signals.

As we can see here in the chart provide above silver is holding the recent gains above 50 weeks exponential moving average and has covered previous week’s losses during the 2nd trading session of current week. Now silver bulls need to show more power to establish a bullish direction above areas of 32.70 to signal a bullish attempt that would help this commodity to jump towards areas of 34.30 and more upside. Failure of recent support, which is placed at 30.70, would signal a deeper correction towards 28-26 zones. MACD is losing its bullish momentum but hovering above zero line supports a bullish direction. 14 periods weekly RSI getting support at 50 line considered as bullish sentiments. Outlook will remain bullish in case of stability above 30.70 while failure would neglect these bullish expectations. Cross and close above 32.70 would be added advantage for silver bulls.

Natural Gas closed at 152.30 down by 3.80 paisa yesterday after positive inventory data released by EIA which came 47B up by 27B against 20B prior. Yesterday’s fall was supported by 100-EMA and ascending trend line  at 149 otherwise it could lead further losses. immedaite resistance seen at 160 continue trading above this leve would signal recovery in this counter. support will remain at 149 breach of support would offer 142-137 as primary targets. recovery above 160 would signal resumption in uptrend and for likely targets 190-220 in short term Supports: 149/135 Resistances: 161-184 Recommendation: buying natgas above 161 for targeting 190-210-225 with stop loss below 154 might be appropriate.

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Gold: Oct gold on mcx closed at 30167, trading range 29800-30420, trend is sideways. Immediate support seen at 30100 failures would signal intraday weakness and gold will try to head towards 30000-29980 failure below 29980 may take it to 29930-850. Short term key support will remain at 29800. Immediate resistance seen at 30200 stability will take it to 30260-370 zones. Silver: closed at 53341, trading range 53000-54500, trend is sideways with bullish bias.  Today 52490 will remain important to watch, stability above 53500 will remain supportive for bulls and silver may head towards 54200-54300 zones for the day, key resistance will remain at 54500 for short term. Failure below 53490 may take it to 53200-53050 key support will remain at 52980 failure may trigger more weakness for the day. 

Gold: Gold Oct. contract closed at 30150, day trading range 29950-30300, trend is sideways.  Immediate support seen at 30100 failures would signal intraday weakness and gold may fall till 30000-29950 for the day. Key support will remain at 29900. Immediate resistance seen at 30200 stability may take it to 30200-30250 zones. Key resistance will remain at 30300 for the day. Silver: closed at 53228, trading range 52200-53600, trend sideways.  Silver is moving between ranges of 53000-536000 after breakout above 53100. Today 53000 will remain important to watch failure may trigger intraday weakness and it may try to taste 528850-650 zones for the day. Key support will remain at 52200 for short term. Key resistance seen at 52600 breakouts above this level will offer 54000-54300 as target area for very short term. Key resistance will remain at 54500 for short term.