Commodity Market Weekly Technical
Report 12th Aug 2013
Gold:-
Gold on MCX has
been trading in the range of Rs27600-Rs28100 in the last week. Prices have
taken strong support around Rs27600 and closed above 20 weeks simple moving
average in the last 2 weeks, which is a short term bullish signal. We are
expecting prices to move up again till Rs28900 in the next few days.
We recommend
buying Gold in dips till Rs27700 for the targets of Rs28400 and Rs28900.
Positional stop loss should be placed below Rs27500.
Aluminium:-
Aluminium on MCX
has been trading in the range of Rs104-Rs110 in the last 2 months. Prices have
taken strong support around Rs104 and closed above Rs111 in the last week,
which is a short term bullish signal. We are expecting prices to move up till
Rs117 in the next few days.
We recommend
buying Aluminium in dips till Rs109 for the targets of Rs115 and Rs117. Positional
stop loss should be placed below Rs104.
the buy view played out amazingly well. the rupee depreciation did the trick
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