Sell MCX Gold Recommendation By Trading Mantra 17-Apr-2014

MCX Gold has traded in slightly bullish bias yesterday, settling within the level below 38.2% correction at 29000 and 28700. Stability below these levels increases the possibility of another attempted slide, but to support this scenario, we must see a break below 28300 represented at 50% correction followed by break below the previous bottom at 28100.

The MACD is negative, while the RSI 14 is waving below the 50-mark. The Linear regression indicators 34 and 55 are trading negatively as well, supporting the bearish scenario unless we see a break below 28750 on the intraday interval.

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Trading Mantra Recommendation : Based on the above, short MCX Gold below 28700, targeting 28400, 28300, then 28100, and stop-loss above 28800.

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Sell MCX Silver Recommendation By Trading Mantra 17-Apr-2014

MCX Silver failed to hold above 42000, restoring the downside pressure linked to the negative technical structure, thus we might see another possible decline later in the session, due to the continued expansion of the negative technical structure. The linear regression indicators are negative, the RSI 14 and Stochastic indicators, together support the bearish scenario.

However, we must take into consideration that failure to break and stabilize below 41900-41850 levels might reignite the bullish trend again later today.

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Trading Mantra Recommendation : According to the above, short MCX Silver below 42500, targeting 41900, 41600 then 41000, while stop-loss above 43300.

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Sell MCX Gold Recommendation By Trading Mantra 16-Apr-2014

As the metal dropped sharply below the psychological barrier 28450, a long bearish candle was formed yesterday which was reflected on RSI as an attempt to form a negative crossover as showing on graph. Trading below the referred to level and below 38.2% correction showing on graph at 28600 might put further negative pressure to test 28200.

Of note, extending the downside move depends on breaking the previous bottom at 28000, as breaking it could extend the downside move towards 61.8% correction at 27700 showing on graph.

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Trading Mantra Recommendation : Based on the below, sell MCX Gold below 28450 targeting 28300, 28200 then 28000 then stop-loss above 28600.

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Sell MCX Silver Recommendation By Trading Mantra 16-Apr-2014

The metal dropped sharply yesterday touching below the support 42200 and 41800. Despite that the price stabilized again above 41800, but a bearish continuous formation is completed and might push the price to touch 19.03 and perhaps 40600 in today’s intraday trading.

Only breachng 43200 might fail the bearish extension, while breaking 40600 levels and stabilizing below it might be a negative indicator about extending the downside move.

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Trading Mantra Recommendation : Based on the below, sell MCX Silver below 42400 and targeting 41800 and 41500 then 40900 and stop-loss above 43200.

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Buy MCX Gold Recommendation By Trading Mantra 15-Apr-2014

The metal failed yesterday to stabilize above 28900 reducing positivity to an extent. MACD is still showing positive signals and RSI is still stable above line 50 despite the slight bearishness, which keeps the possibility of the overall upside move.

Due to failing to stabilize above 28900, we should not rule out any deep bearish corrections, whereas if these corrections breaks 28300 and 28200, the overall upside move remains valid. We will count on stabilizing above the psychological level 28500 to expect a new bullish wave today, but we prefer stability above 28600 to strengthen the bullish possibility.

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Trading Mantra Recommendation : Based on the above, buy MCX Gold above 28750 targeting 28900, 29000 then 29200 then stop-loss below 28600.

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Buy/Sell MCX Silver Recommendation By Trading Mantra 15-Apr-2014

The price is still fluctuating after touching the first target of the bullish harmonic Bat Pattern referred to in several previous reports. We notice today that RSI dropped below line 50, as one of the signal lines of Stochastic broke the same line at 50.00 accompanied by stability below 23.6% correction at 43300 showing on graph, and below Linear Regression Indicators.

All these negative signals are occuring when the metal is trading within a technical formation that might turn to a bearish continuous one if the price broke 42300 levels, otherwise we cannot confirm ending the Bat Pattern’s effect.

Therefore, we prefer to move to the sidelines today, as breaching 41350 brings positivity back, while breaking 42300 might trigger a new bearish wave in an attempt to break 41900 and move below 41200 levels.

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www.tradingmantra.net

Trading Mantra Recommendation : Based on the above, we prefer to remain intraday neutral today.

For those who are willing to bet on the technical harmonic pattern, its possible to buy the metal with stop-loss below 41900. But for those who are willing to bet on a bearish classical formation today, its possible to sell the metal with stop-loss above 43900.

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Buy MCX Gold Recommendation By Trading Mantra 11-Apr-2014

The metal faced strong resistance yesterday at 28850 at 78.6% correction of CD Leg of the bullish harmonic AB=CD Pattern, as the price should breach this level to confirm extending the upside move and the strength of the referred to pattern. The mentioned level matches Linear Regression Indicator 55 strengthening the importance of breaching it, especially that Linear Regression Indicator 55 is still negative.

Despite that, stability above 28400 is positive, as MACD and RSI 14 are still showing positivity forcing us to think that the upside move might extend. We count today on stability above 38.2% correction at 28600 of the bullish wave that started from the bottom 26100 reaching the top 30100, as this correction triggers further attempts to breach the resistance 28850.

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Trading Mantra Recommendation : Based on the above, buy MCX Gold above 28700 targeting 28850, 29000 then 29200 then stop-loss below 28500.

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Buy MCX SILVER Recommendation By Trading Mantra 07-Apr-2014

The metal failed to stabilize above 43250 achieving the expanded technical formation represented in the support and resistance showing on graph. The referred to formation is a bearish continuous one and will be achieved by breaking 42600 levels. The bullish harmonic Bat Pattern didn’t fail but will remain valid and ideal if the metal reboounded to the upside after touching 42000.

Stochastic is entering levels below line 30 reflecting the metal’s intraday oversold fact, but RSI 14 broke line 50 and Linear Regression Indicator 34 became negative.

Generally, there are mixed signals at these levels forcing us to prefer waiting for better entry points to bet on the bullish harmonic Bat Pattern and suggest that the support 42000 is the best entry point because Rsik/Reward Ratios are low at that level. Therefore, we remain intraday neutral waiting for confirmation signals or waiting for better Risk/Reward Ratios.

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Trading Mantra Recommendation : Based on the above, we prefer to remain neutral. For those who are willing to take higher risks, buy the metal above 42700 targeting 43400 and 43600 then 44350 with stop-loss below 41100, as we will not take this position unless the Bat Pattern is confirmed.

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Buy MCX Gold Recommendation By Trading Mantra 07-Apr-2014

The price managed to stabilize above 28300 in last Friday’s trading, as the metal managed to trade again above 61.8% correction of CD Leg of the bullish harmonic AB=CD Pattern at 28100 – 28150 despite the slight bearishness today. Stabilizing above the referred to level is positive indicating the possibility of ending the bearish correction.

Stabilizing above 28000 is significant to keep the positive outlook, while breaking 27800 could deepen the bearish correction towards 61.8% correction of the bullish wave that started from 26000 reaching the top 30000.

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Trading Mantra Recommendation : Based on the above, buy MCX Gold above 28200 targeting 28500 then 28700 and 29000 and stop-loss below 27850  this week

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Sell MCX Gold Recommendation By Trading Mantra 04-Apr-2014

The bullish attempt yesterday remained limited below the resistance level 28300 before the psychological barrier 28350. Trading below the referred to levels keeps the possibility of a downside move to test 27600 that represents 61.8% correction showing on graph.

MACD is still negative and despite that RSI 14 is trading sideways, but there are now positive signals showing on it which strengthens the bearish possibility for today. Breaching 28350 brings positivity back especially if the weekly trading closed above it.

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http://www.tradingmantra.net

Trading Mantra Recommendation : Based on the above, sell MCX Gold below 28200 targeting 28000 , 27900 then 27600 then stop-loss above 28500.

Posted in Best Commodity Tips, Commodity Tips, Gold Trading Calls, Live MCX Market, MCX Gold, MCX Silver, MCX Tips on Mobile, Silver Trading Calls, Trading Manttra | Tagged , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment