Website: Contact No: 0413-4200100 Email ID: … · 2019. 1. 11. · As per Elliott Wave theory in...

32,00

11 January, 2019

Bottom-Line: Trend for Gold remains negative and Silver price can move in range, trend for MCX Copper is negative and MCX Crude prices can move towards higher levels.

MCX Gold Continuous Daily chart: GOLD-1M - Daily 10-01-2019 Open 32048, Hi 32135, Lo 31853, Close 31880 (-0.4%) EMA(Close,50) = 31,354.76

c e

(i) c

(b)

32,500

31,880 0

31,500 31,354.8

(d)

(f) a

b

a 31,000

30,500

b d 30,000

(ii)

29,500

29,000

(e)

(g) 2

28,500

28,000

27,500

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

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

27,000

26,500

GOLD-1M - RSI(14) = 58.44

70

58.4422

30

2017 Apr Jul Oct 2018 Apr Jul Oct 2019

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M_GOLD-FEB (31,948.00, 31,990.00, 31,929.00, 31,988.00, +97.00)

(c) e

(c)

(a)

(b)

(b) (a)

(d) (b) a

(f)

(c)

(e)

(g) z d

Relative Strength Index (58.0146)

50

21 26 2018

3 December

10 17 24 31 7 2019

MCX Gold Feb 60 min chart:

Wave analysis: In previous session Gold moved witnessed a flat opening but failed to sustain its gains and drifted towards lower levels in second half of the session closing on a negative note near 31880.

As shown on daily chart, prices are moving in overlapping behavior in upward direction. An important resistance is placed near 32200 levels as long as it is intact on upside sideways to negative action can be expected.

As shown in hourly chart, an important support is placed near 31650 levels. A decisive break of this level on closing basis will indicate completion of wave b on upside and start of wave c on downside until then range bound movement is expected to continue.

In short, Gold trend remains negative. Move towards 31700 can be expected in coming sessions. It is advisable to maintain proper risk management strategy.

32300 32250 32200 32150 32100 32050 32000 31950 31900 31850 31800 31750 31700 31650 31600 31550 31500 31450

(x) 31400 31350 31300 31250 31200 31150 31100 31050 31000 30950 30900 30850 30800 30750 30700 30650 30600 30550 30500 30450 30400 30350 30300 30250 30200 30150 30100 30050




MCX Silver continuous daily chart:

SILVER-1M - Daily 10-01-2019 Open 39591, Hi 39761, Lo 39260, Close 39285 (-0.6%) EMA(Close,20) = 38,633.80

45,000

(x) (b)

44,000

43,000

(x) (f)

42,000

(a)

(c)

(d)

(f)

(e)

(g)

(a)

(b)

(c)

(d)

(e)

(x) 100.0%

76.4% (g)

61.8%

a

b

d 39022.99

c 38224.17

f

e

41,000

40,000

39,285 39,000

38,633.8

38,000

37,000

36,000

0.0%

g (a)

35,000

34,000

SILVER-1M - RSI(14) = 62.21 70

62.2064

30

Apr Jul Oct 2018 Apr Jul Oct 2019




M_SILVER-MAR (39,365.00, 39,465.00, 39,365.00, 39,464.00, +159.00) 40000

0.0% c

39500

23.6% a 39000

c 38.2%

b 50.0% 38500

61.8%

f 38000

a 37500

b 100.0%

x b

37000

a

36500

c g (a)

36000

50 45 40 35 30 25 20 15 10

Directnl Movement +DI (22.0000), Directnl Movement -DI (23.0000), Directnl Movement ADX (20.0000)

Silver Mar 60 mins chart:

21 26 3 10 17 24 31 7 2018 December 2019

Wave analysis: MCX Silver in the previous session opened with a minor gap and moved above it's prior high making a intraday high near 39770 levels however failed to sustain post that and started drifting towards lower levels. As shown on daily chart, prices failed to give a break above its 5 day range however failed to sustain and closed nearly near prior days low indicating some range-bound action. As shown on hourly chart, prices in the previous session drifted towards lower levels and the fall has been slower which keeps the internal structure unclear. We are showing the ADX indicator on the chart and the +DMI has moved below the -DMI also the ADX line has been falling indicating we can expect some range- bound action over the short term. If we see the ADX line falling it means that the trend is not very strong and vice versa. So we can expect some range-bound action between 39350 and 39700. As long as we not see a break of this range it is better to buy near the support and sell near the resistance of the range. In short, for silver a close above 39700 is required to continue the upmove a failure to do that can keep the price action range-bound between 39350 and 39700 levels.




3,500

MCX Crude daily chart: CRUDEOIL-1M - Daily 10-01-2019 Open 3655, Hi 3719, Lo 3623, Close 3678 (-0.2%) EMA(Close,20) =

X (g) c

6,000

0.0% 5,500

(c)

(e)

a b x bd

b

5,000

(b)

50.0%

61.8%

76.4%

(c)

(e)

(f)

(g) (a)

(x)

(b)

(d)

a

c ac e (f)

4,500

4,000

3,678

3,460.42

(a)

(a)

(1c)00.0% (e)

Y

(b)

(d) Diametric Pattern

3,000

2,500

Apr Jul Oct 2018 Apr Jul Oct 2019 CRUDEOIL-1M - RSI(14) = 57.72

70 57.7213

30

Apr Jul Oct 2018 Apr Jul Oct 2019




MCX Crude Jan 60 min chart:

Wave analysis: MCX Crude in its previous sessions opened on a positive note and managed to take out its previous day’s high. On closing basis prices made Doji candle creating indecisiveness among investors for tomorrow’s move.

MCX Crude from past 7 consecutive trading sessions has managed to give a positive close and is also making higher highs formation which indicates bias is positive as per Dow Theory.

As shown on hourly chart, prices are forming Flat Correction pattern in which wave a is completed near 2995 levels and wave b is currently ongoing. Crude has managed to sustain at higher levels and is currently moving in a range between 3720 and 3600 levels. As per Elliott Wave theory in Flat Correction pattern wave b retraces complete of wave a. One can look for buying opportunity above 3720 levels for move towards 3820 levels. On downside 30 period EMA can be maintained as immediate support.

In short, trend for Crude remains positive. Break above 3720 levels can take prices to higher levels near 3820 levels. For above mentioned scenario 30 periods EMA is placed as immediate support.

d M_CRUDEOIL-JAN (3,699.00, 3,708.00, 3,699.00, 3,704.00, +26.00)

x f

4100

4050

4000

3950

3900

100.0% 3850

3800

3750

e

61.8% g

3700

3650

3600

3550

3500

3450 50.0%

3400

3350 38.2%

3300

3250 23.6%

3200 3150 3100

3050

0.0% a

3000 2950

90

80

70

60

50

40

30

20

7 2018 December 2019

31 24 17 10 3 26 21





420

MCX Copper Daily chart: COPPER-1M - Daily 10-01-2019 Open 417.2, Hi 418.8, Lo 411.75, Close 412.4 (-1.2%) EMA(Close,25)

510

iii g

500

490

e c a i ovf

c c

a b

a x x

b

480

470

460

450

440

b c x

d f y

iv a c w

430

419.274

412.4 410

400

390

COPPER-1M - RSI(14) = 43.55 70

43.5465

30 Oct 2018 Apr Jul Oct 2019

2019 Oct Jul Apr 2018 Oct




MCX Copper Feb 60 mins chart:

M_COPPER-FEB (415.10, 415.95, 415.05, 415.60, +3.35) 455

450

d f

445

440

435

e x b

d

430

425

420

g 415

a 410

405

400

c 395

70 60 50 40 30 20

7

2019

Waves Analysis: As shown on the daily chart, copper after making a low near 397 levels formed a series of higher lows and higher high bars but in the previous session broke its prior bar’s low for the first time it would be interesting to see if prices continue to move high or take a halt here.

As shown in the hourly chart, copper in the previous session post making a high near 418 levels moved lower making a low near 412 levels. Prices managed to re-enter the channel and henceforth we can lower move in the coming sessions. As per the wave theory wave d completed near 421 levels and are moving in wave f of the Diametric pattern.

In short, trend for copper looks negative. Prices can move towards 410 or lower levels as long as 419 stay intact on the downside.

December 31 24 17 10 3





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