MCX Report : 18th September 2019

By: Admin
5575

Insignia Consultants

New Delhi

Wednesday, September 18, 2019

TIME 8:04 AM IST                       

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MCX TECHNICAL REPORT

FOMC tonight. Just trade in the technical and ignore any rumours and speculation.  Gold can move five percent either side anytime. Silver can move eight percent either side anytime.

TECHNICAL VIEW

Gold October 2019: (previous day close/CMP Rs.38016)

  1. Gold will break free from 37800-38200 trading range today.
  2. Crash will be there only if gold trades below 37819 to 37524 and 37229.
  3. However if gold does not fall below 37800 then it will rise to 38811.

Silver December 2019:  (previous day close/CMP Rs.47361)

  1. Silver needs to trade over 46,700-46800 zone to rise to 47714 and 48331.
  2. Crash today will be there only if silver trades below 46700.

Crude oil 19th September 2019: (previous day close/CMP Rs.4245.00)

  1. Crude oil has topped out for the short term and can fall to 4110 and 3960 by Monday as long as it trades below 4400-4410 zone.
  2. Correction will be there below 4200.
  3. There can be very sharp two way moves. Trend after release of US weekly crude oil inventory will be the key.
  4. Crude oil needs to trade over 4300-4350 zone to be in intraday bullish zone.

Natural gas 25th September 19 (previous day close/CMP Rs.191.60):

  • Key resistance is at 196. Only a break of 196 will trigger another wave of rise to 206.
  • Crash will be there if NG does not break 196 today.
  • Remain on the sidelines today.

Copper September 2019:  (previous day close/CMP Rs.451.55)

  1. Copper needs to trade over 447 till Monday to rise to 458 and 464.
  2. Bearish trend will be there below 447.

Zinc September 2019: (previous day close/CMP Rs.185.05)

  1. Zinc needs to trade over 184.00 to rise to 189.00.
  2. Crash will be there if zinc trades below 184.00.
  3. I am against buying zinc at current price unless rupee weakens.

Lead September 2019: (previous day close/CMP Rs.153.85):

o     Lead will break free from 150-160 wider trading range and form a new range.

o     Sellers will be there only below 153.50.

Nickel September 2019: (previous day close/CMP Rs.1213.60):

  • Key support till Monday is at 1192.30.
  • Crash will be there below 1192.30.
  • However in case NG does not fall below 1192.30, then it will rise to 1300.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, 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. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani

 

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