Sell gold around Rs 16600/10 gm: Nirmal Bang

Nirmal Bang has come out with its commodity report. According to research firm gold is expected to continue downside. Thus one can sell on rise around Rs 16600 per 10 gram.

Nirmal Bang report on commodity:

Gold

The counter continued to trade downwards after a long consolidation and trendline break down. The RSI is below the MA while MACD is in the negative territory with negative crossover. Thus the counter is expected to continue downside. Thus one can sell on rise around 16600 levels. 

Silver: 

The counter continued to turned red during the previous session breaching the support of 27400 (61.8% Retracement level). The Counter is expected to move further downside with negative signals from indicators. Thus expecting the counter to take support at the curtail support of 26615 levels. 

Copper: 

The counter continued sharply downside breaching the support at 338, while most indicators also indicate negativity in the counter. Thus counter is expected to continue downside even today on breaching the immediate support at 334 levels targeting 330-327.

Nickel:

The counter is holding firm within the range of 855-885. In addition the Indicators are also in the positive territory. Thus one should avoid short in the counter as long as prices maintain above the 854 levels, breaching which we may see some selling till next support of 832 levels.

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To read the full report click on the attachment