Sep 12, 2011, 04.39 PM | Source: Moneycontrol.com
Way2Wealth has come out with its report on Gold, Crude Oil, MCX Aluminum, MCX Copper, NCDEX Jeera Sep, NCDEX Soya Bean, USDINR, EURINR
, Way2Wealth |
Gold: It made a new record of 1920.95 last week but failed to sustain above $1900 mark psychological level gold prices has retreated from the same and ended at $1855/oz. This development suggests more sideways consolidation could be continue at higher levels. RSI (14 day) & MACD both are pointing in neutral zone and showing neutral tendency.
USDINR: continued its upside and traded firm above its last week’s high of 46.70 levels which has put it in a position to resume its short-term uptrend and strengthen further towards the next resistance of 47.50 levels. Weekly RSI (14) is in a neutral region and is on verge of entering over bought.
EURINR: With EURINR tumbling off the 64.70 level and wiping out its last three-week gains to close lower for the week, the pair remains on the defensive as we enter a new week. This will leave further downside risk targeting towards 63.35 levels. RSI (14) is placed in neutral region and is heading towards the negative.
MCX Crude Oil: It looks like MCX crude prices have reached to its peak. The fall in prices towards end of the week has paused its momentum for short-term. Weak close followed by a “bearish triangle” on daily chart also supporting the bearish momentum. It has also formed a bearish triangular pattern indicating that the lows of 3595 RSI (14) is inline with the trend, signifying bears having upper hand.
MCX Aluminum: MCX Aluminum’s choppy sideways trading continued last week and stayed in the range between 112 and 108. No change in outlook. More sideways trading could still be seen. But even in case of another rise, we’d expect upside to be limited by 111.80 resistance levels. Break of 108 will target 105.30 levels. Weekly RSI (14) is placed in neutral zone and is heading towards negative.
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