COMEX Gold may dip to USD 1663-1652: Way2Wealth

Way2Wealth has come out with its technical report on commodities. According to the research firm, COMEX Gold is expected to decline towards USD 1663-1652 levels.

COMEX Gold prices remains unsettled after a bout volatile trading between $1652 to $1686 levels. Nearterm outlook remains sideways and some more consolidation could be seen first. However, any rise will capped at falling channel resistance of $1686/oz levels and bring some selling pressure from the same. Downside targets would be around $1663 then 1652 levels, on a flip below the same will intact further bearishness. MCX Feb Gold; a "spinning top" chart pattern on daily charts also suggesting some pull backs in the counter, one can utilize the opportunity to create fresh shorts at higher levels. During the week MCX Crude oil Feb Futures had made a low of 5070, but a strong rebound from the same has kept the prices in an indecisive zone. Now the bias remains sideways for the week. However, an upside momentum is unconvincing and it could be limited at 5180 to 5200 levels. 5070 levels will act as an immediate support on the downside, on a sustainable close below the same will confirm the short-term bearish trend. RSI-14 period is pointing in neutral and showing neutral tendency. MCX Feb Copper's uptrend is intact and it reached to as high as 446.80 last week. Initial bias remains bullish and further rally is expected towards the previous swing high of 454 levels. On daily charts, it has formed a "descending triangular" chart pattern and the break has already taken place at 443.50 levels, now resistance has turned into support and suggesting some bullish momentum in coming sessions. MACD is pointing into buying mode by giving an upside crossover through the signal line. MCX Feb Zinc's rally is still in progress and it has reached to new contract high of 118.20 levels. Strong bullish closes in last three consecutive sessions is indicating the strength of bulls. Still outlook remains bullish, till the prices hold above horizontal support of 113.80 levels. However, on daily charts momentum indicators almost creeping into overbought and suggesting some profit taking in initial sessions of the week, one can utilize these correction for accumulate fresh longs at supports. RSI and MACD both are pointing in positive note, supporting the bullish momentum. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment

Read More