LET THE MARKET TELL WHO WE ARE

Gold MCX June contract has been trading in a nice down trend and headed a low of 29580 which is life time low for this particular contract. As we can see in chart provided above, metal turned back from key resistance of 20 days EMA and descending trend line and now trading below 10-20 and 50 days EMA which indicates a down trend on short term and midterm time frame. MACD is hovering under zero line and now getting ready to cross under signal line which would be added advantage for Gold bears. 14 periods daily RSI is under 50 and hints bearishness in this commodity. Price objective for bulls is now placed at 30100. Any recovery above 3100 may help this metal to jump towards 30250-30400 zones. Stability below 30100 zones keeps bearish scenario intact and this decline may extend towards 29200-28600 zones in coming days. Recommendation: as per charts and explanation above, selling gold on jumps around 29800-29900 with stop loss above 30100 on closing basis for targeting 29250-28900-286...

Silver has been trading in a down trend and now fluctuating near the descending trend line resistance which is around 55300. Strong resistance is now placed near 55300 and bulls need to produce minimum 2 consecutive closes above the same to confirm a rally towards 57500-58000 zones. Metal is trading below 10-20 days EMA on daily continuation chart which supports a short term bearish environment. RSI fluctuating under 50, in bearish territory. MACD is also hovering under zero line which hints a down trend over the short term. Immediate support is now seen near 53800 zones, any failure with daily closing would bring 53300-52800-51400 on cards. In general trend is down and stability below 55300 on daily closing basis keeps bearish scenario intact for possible targeting around 51800-51400. Recommendation: selling silver on rallies around 54400-54600 with stop loss above 55300 (closing basis) for targeting 52800-51400 in short term.

As we can see in chart provided above copper has broken the neck line of head and shoulder pattern on daily chart and headed a low of 426.65 during this bearish attempt. Now copper is getting support at weekly rising trend line that may provide a temporary support to copper prices and metal may rebound to retest its broken neck line around 435. Normally broken supports work as resistance so metal is likely to resume its bearish move after a retest to neckline. Immediate support is now placed at 426.65 and closing below the same may witness fresh bearish move towards 416 and more down side. Recommendation: selling copper on rise around 435-437 with stop loss above 444 for targeting 427-417-414 might be appropriate in short term. Currently trading at 429.30

Silver international has been moving in a consolidation pattern ranging $26-$35 for more than 1.3 years. As per current scenario silver has key support at $28.30 failure of this support would offer a retest to 26$. Areas of $26 would be key support and penetration of this support would offer areas of $21 and then $19 as primary supports in a time frame of 1-3 years. MACD is fluctuating near zero line and stability below zero would be added advantage for silver bearish. Areas of 32.50 would remain key resistance for this outlook and recoveries above the same may hurt our longer term bearish expectations in silver. Currently trading at $28.68.

As we can see in chart provided above nickel bulls are struggling to cross key resistance of 1000. Bearish divergence on stochastic hints a profit taking that may take this metal towards 965 and then 950 zones. Overall areas of 925 will remain key support on intermediate charts and stability above the same would serve 1080-1115 as primary resistance zones. Immediate resistance seen at 998-1000 stability below the same keeps a corrective scenario possible and metal may try finding support near 965-950 zones. Recommendation: Staying short from 980-985 with stop loss of 998 for targeting 966-956-946 might be appropriate. Buying nickel on decline between 955-945 with stop loss of 925 (closing basis) for short term targeting 1040-1080 and more upside might be appropriate. In alternative scenario buying nickel above 998 with stop loss of 978 for targeting 1020-1040-1080 might be appropriate in short term.

NIFTY spot currently trading at 5870.75, recently it has broken 9 month old rising trend line. Today nifty opened with gap in direction of preceding move and today’s trading session is last trading session for current week. Recently it has placed key resistance at 5970 and bulls need to hold that level decisively to claim their presence. Stability below 5970 remains supportive for nifty bears and it has the potential to move further down side. Areas of 5800 are looking strong support and failure of this level would offer 5550 as primary supports. 14 periods daily RSI has been trading in bearish territory while failure below zero line with bearish cross on MACD hints a strong bearish momentum. Recommendation: Selling nifty between 5890-5930 with closing basis stop loss of 5978 for targeting 5820-5660-5550 might be appropriate for short term.

Gold April contract has broken longer term rising trend line on daily continuation chart and now fluctuating near support line of longer term rectangle which stands around 30700 zones. Gold bears need to show more power very soon by producing closing below 30650 zones for 2 consecutive days. Respect of 30650 may witness a recovery from current levels and a bullish attempt towards 200 days EMA, which stands at 31150 can’t be completely ruled out. 14 Periods RSI hovering near potential support of 30 and may help bulls to produce some bullish momentum. Over sold reading on stochastic may trigger higher fluctuation and may help bulls to push this metal higher towards areas of 31000. A majority of Technical indicators suggest bearishness in this metal but entering near areas of 30730-680 zones may be worth buying with a closing basis stop loss below 30600 for targeting 31000 and more. Closing below 30600 would trigger further weakness and a dip towards 30300 and then 30000 is likely.