Buy Gold on dips, target 17800/10gm: Nirmal Bang

Nirmal Bang has come out with its technical outlook on commodity.

Gold :The counter is trending upwards with the trend line, with RSI above 91.5 and ADX looks super bullish. One can buy Gold at dips targeting newer highs 17800 as long as prices remain above the trend line.

Silver: The Silver prices were seen taking support near the 7 DMA and moved upwards but resisted the previous high of 28635. The RSI and ADX continue to indicate positive trend in the counter. Thus one can enter the counter above 28650 targeting 28850-950 levels on the upside.

Copper: The prices still remain below the Trend line. While the ADX and RSI looks positive for the counter. Thus the prices may remain side-ways to up between 319 and 326.

Nickel: The counter remained positive taking support near the 775 levels. The prices remain below the triangle, while indicators are still holding positive. The RSI is still holding above the MA, while MACD is seen converging upwards with the positive difference. Thus one should not remain short in the counter as long as prices remain above 775, while prices breaching 800 on the upside may trigger upwards movement in the counter.

Crude oil: The counter remained side-ways yesterday closing positive. But looking at the weakness in the RSI and MACD, one can remain short in the counter at every rise targeting 3475, with SL of 3615.

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