Buy MCX Gold above Rs 26680; target Rs 27000: Way2Wealth
Way2Wealth has come out with its special report on commodities. According to the research firm one can buy MCX Gold above Rs 26680 for price target of Rs 27000 with a atop loss of Rs 26499.
Way2Wealth's special report on metals and energy -
MCX Gold prices penetrated the stiff support turned resistance line in the past week and closed above the same. Overall price structure is still weak.
However, if prices breach and sustain above the previous week high then price reversal can be seen i.e. more buying can be seen in the counter.Action - Buy
Entry - Above Rs 26680
Target - Rs 27000
Stop - Rs 26499MCX Crude oil prices tested the valid primary support line, on the daily chart and turned their direction from those levels. Rise in volumes with the
reversal indicates that the prices may resume their upwards journey. As prices are hovering around the support line they are offering a favorable trade setup for the bulls.Action - Buy
Entry - At Rs 5275
Target - Rs 5390
Stop - Rs 5199Also Read: Commodity bets - How to trade gold, silver, crude nowMCX Copper: After flaring up around 50 points, in the past week prices tested the rising resistance line which was also the neckline support of the bearish head and shoulders chart pattern. Moreover, it ended with the shooting star candle stick pattern which indicates the reversal in the counter. Steep decline can be seen if prices slide below the previous week’s low i.e. 400.Action - Sell
Entry - Below Rs 400
Target - Rs 385
Stop - Rs 406.2Disclaimer: 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. 
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