Buy MCX Gold Recommendation By Trading Mantra 22-Apr-2014

The metal dropped yesterday but failed to stabilize below 50% correction at 28550 showing on graph. AROON Indicator is showing a downside move, as RSI is trading below line 50 and Linear Regression Indicators are trading negatively.

Despite the mentioned negativity, betting on a downside move today is risky as the metal should break 28550 and stabilize below it then trading below the last bottom at the support 28400 levels to confirm the downside move. Therefore, we prefer to remain neutral today waiting for confirmation signals.

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www.tradingmantra.net

Trading Mantra Recommendation : Based on the above, we prefer to remain neutral. For traders who are willing to bet on stabilizing above 28550 and buy MCX Gold, stop-loss should be placed below 28400. But for those who are willing to bet on stabilizing below the psychological level 28800, stop-loss of the selling position should be placed above 29000.

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Sell MCX Silver Recommendation By Trading Mantra 22-Apr-2014

MCX Silver is trading in a bearish bias, as stabilizing below 43100 keeps the price below the key resistance of the minor bearish channel showing on graph. Consolidating below the referred to resistance keeps the metal under the bearish continuous technical formation’s affect showing above.

On the other hand, confirming negativity should be supported by breaking 61.8% correction at 41500 as shown on graph. We will depend today on stabilizing below 42750 to keep our negative expectations.

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Trading Mantra Recommendation : According to the above, short MCX Silver below 42500 , targeting 41650, 41500 then 40800, while stop-loss above 43400.

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Sell MCX Gold Recommendation By Trading Mantra 21-Apr-2014

MCX Gold pushes strongly lower with the start of the week, retesting the 50 percent retracement level for the overall bullish wave form 26350 to 30400 at 28400. A break with stability below the latter should confirm more downside probably towards the 61.8 retracement level at 27900 level. The bearish momentum is strong and thus we maintain our bearish view for gold.

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www.tradingmantra.net

Trading Mantra Recommendation : Based on the above, sell the metal below 28650 targeting 28500 and 28350 then 28200 with stop-loss above 28800.

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Sell MCX Silver Recommendation By Trading Mantra 21-Apr-2014

The metal moved lower, after breaking the rising trend line for shown on the daily chart above, attempting to resume the bearish wave towards the next major support and targeted area at 41000. The bearish momentum continues to be strong, and thus we maintain our bearish expectations for the week, targeting 41000 and 39700 major support levels.

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www.tradingmantra.net

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 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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www.tradingmantra.net

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.

www.tradingmantra.net

www.tradingmantra.net

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.

www.tradingmantra.net

www.tradingmantra.net

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.

www.tradingmantra.net

www.tradingmantra.net

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.

www.tradingmantra.net

www.tradingmantra.net

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.

www.tradingmantra.net

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.

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