MCX Report and MCX Trading calls for 3rd August 2022

By: Admin
1 weeks ago
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Insignia Consultants

Wednesday, August 3, 2022

TIME 2:59 PM IST                                  

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MCX REPORT AND MCX TRADING CALLS

Intraday trend is neutral for gold and silver. Copper and base metals are looking at the moment.

Buy or Sell – Intraday trading calls for the rest of the day

  1. Buy silver September @56500 stop loss 56060 for 58605
  2. One can also buy silver if it trades over 57600 after 5:15 pm stop loss 57466 for 58165 and 58361.
  3. Buy copper august @634.40 stop loss 628.90 for 660.50 (call for tomorrow)
  4. High risk traders can buy copper august at cmp 645.50 stop loss 639.80 for 655.10.
  5. Buy crude oil august only if it trades over 7512 (after the release of US weekly crude oil inventories) at 8:00 pm stop loss 7447 for 7642 and 7888.
  6. Buy gold at 51067 stop loss 50881 for 51900.

Gold October 2022:(CMP Rs.51437.00)

Support/Resistance: 50981, 51173 & 51708, 52072

Trading Strategy:

  1. Gold has to trade over 51173 to rise to 52072.
  2. Gold will crash only if it trades below 51173 between 6:00 pm and 10:00 pm to 50981 and 50769.
  3. Watch 51300. Gold can move 350-400 either side from 51300.

Silver September 2022: (CMP Rs.57437.00)

Support/Resistance: 56500, 56940 & 57725, 58165

Trading Strategy:

  1. Silver has to trade over 56940 to rise to 58165 and 58998.
  2. Silver will crash if it trades below 56940 till tomorrow.

Crude oil 19th August 2022: (CMP Rs.7382.00)

Support/Resistance: 7281 & 7642

Trading Strategy:

  1. Small trading range: 7151-7642.
  2. Crude oil needs to trade over 7281 to rise to 7642 and 7888.
  3. Crude oil will crash only if it trades below 7281 for the rest of the day.

Natural Gas August: (CMP Rs.613.50)      

Support/Resistance: 599.50 & 646.80

View: Ng can move 30-40 either side from 614.00. But natural gas will crash only if it trades below 599.50 between 8:00 pm and days close at 11:30 pm.

Copper August 2022: (CMP Rs.645.50)

Support/Resistance: 634.40 & 655.10, 665.40

View:

  1. Copper can rise to 660.50 today as long as it trades over 634.40.
  2. Use a buy on dips strategy with a stop loss below 634.40 for tomorrow.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific c3urrencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Website www.insigniaconsultants.in Prepared by Chintan Karnani

Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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