Gold Mini Sept Trading In A Range Bound Mode b/w 28000-28600s
CommodityOnline | Aug 11, 2014 01:08AM ET
The bullish candlestick pattern and chart formation coupled with oscillators is indicating optimism. Hence, we recommend Buying in MCX Gold Mini Sept contract.
In the above chart, MCX Gold Mini Sept contract was trading in a range bound mode between 28000-28600 levels since last couple of days. Yesterday we observed that prices have breached the range, followed by strong bullish candlesticks and trading above the range. If we look at the overall trend, a formation of “Higher Top Higher Bottom” is indicating bullish trend.
Indicator Analysis
On the oscillator front, 14 day RSI is rising and currently reading stands at 63, while the 5 and 20 day EMA (Exponential Moving Average) is also showing a positive crossover, indicating a positive trend for prices.
Key Levels
Price resistance is observed at 29,500 levels followed by 30,200 levels. Support can be seen at 28,200 levels followed by strong support at 27,700 levels.
The bullish candlestick pattern and chart formation coupled with oscillators is indicating optimism. Hence, we recommend Buying in MCX Gold Mini Sept contract.
Positional Call - Buy MCX GOLDMINI Sept between 28500 - 28590, SL - 27700, Target - 29800 (CMP - 28585)
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