MCX Copper June futures on last Friday slipped down below 200MA on both daily(366.8) and hourly(366.7) charts. However around the market close, managed to close above 200MA on both the timeframes it is a short term bullish setup as responsive buyers shown support on Friday low around the 361 mark.
MCX Gold surges to a high of Rs31326/Kg when Mr.Donald trump was leading the election results on 9th Nov 2016. Around 10.40p.m gold topped out and from there post the election announcement MCX Gold dropped to a low of Rs29269/Kg on last Friday (Nov 11,2016). The dollar rose to its strongest level since February. Bonds continued to get pounded, with losses exceeding $1 trillion this week.
MCX Copper peaked out during 28th Aug 2013 made a high around Rs513.05/Kg since then MCX Copper is in long term downtrend and currently trading around Rs313.6/kg. It is believed that struggling Chinese economy is the reason for the bear market in copper prices. To be noted China is the largest copper consumer (roughly 40 per cent of global copper consumption).
Checkout the three longterm bearish MCX commodity(MCX Gold,MCX Copper,MCX Crude) Weekly charts which is in currently in long term sell mode as per Intratrend weekly charts.
Now copper is trading around $3.2250 & as we can see on charts , copper is again taking support from long ascending trendline from where it bounced 3 times earlier. The current support area have a combination of 78.6% feb correction as well as parallel support zone just on the trendline.
Now copper is trading around 432 ($3.5710) & as we can see on charts, copper headed to a major ascending tradeline running since feb 2011.
Charts shown here is 4 hourly chart of MCX Copper Futures Chart with Supertrend indicator(Factor=2,Param=11). Currently the support zone comes near 444.48 breaking below this zone could push MCX copper into a weaker zone in medium term.
The yellow metal is in sell mode with the resistance around Rs 23176 as per the Ichimoku Trading system.
MCX Gold: As per the Ichimoku trading system, the yellow metal is in buy mode within the cloud with the support coming around Rs. 23136 per 10 grams. The Stochastic seems to be moving towards 80.
MCX Copper: MCX Copper is now in sell mode near the support with the resistance around Rs 436 .
Gold is at the support, reverse the position to short if the support(Rs 23119) breaks at the lower side. Stochastic has already moved below 80.
MCX Gold still remains bullish and there literally seems no reason to go bearish. The yellow metal is in buy mode with the support coming around Rs.23085 per 10 grams.
The double quoted yellow metal is getting even expensive after reaching the highest level in over two weeks. Gold rose as investors sprinted for safer havens on mounting worries that the euro zone debt crisis might spill into Italy. As per our Ichimoku Trading System, Gold is outshining the other base metals and is in buy mode with the support coming around Rs. 22490 per 10 grams.