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24/12/2014

Date and Time


24/DEC/2014
STOCK: GOLD MCX
Call: SELL
CMP: 26600
Initiation Level:
27200
Book Profit (Level
1): 26400 Achieved.
Book Profit (Level
2): NA
Stop Loss: 27750
Conviction Level:
Moderate Risk.
Reasoning. (Read
Technical
commentary).
Short term Trend:
Bearish .
Medium Term
Trend: Bearish.
For the Traders:
SELL
For Aggressive
Traders: SELL
Support: 2690026400-25800
Resistance-2770028500-29990
Duration:4-5 Days
Recommendation:On the basics of Elliot
analysis we have
Recommending to Sell
gold on rise ( 27250)
with the Stop Loss of
27750 for the Targets of
26400 .

GOLD MCX
Technical commentary:As we have expected Gold MCX have completed it s short term upside Zig Zag corrective pattern,
and prices are falling down after touching 27700 level on upside. Now the prices has to go along
with the bearish trend and this will expected to continue till 26000 which is next major support
level, while on the other hand this week due to Christmas holydays in the international market
prices could be range bound till next week ,
All indicator and Elliot wave analysis show prices to trade range bound from 27000 to 26500 till
New Year.
On the basis of above we are recommending hold short position in gold. And not initiate any
fresh position till new year in it .

Date and Time


24/Dec/2014
STOCK: SILVER MCX
Call: SELL
CMP: 37150
Initiation Level:
BELOW 37350-37500
Book Profit (Level
1): 36000
Book Profit (Level
2): NA
Stop Loss: 3800
Conviction Level:
Moderate Risk.
Reasoning. (Read

SILVER MCX
GOLD HOURLY CHART WITH WAVE COUNTING
Technical commentary:-

As we have seen silver process rising after making low of 32630. On last week silver made a
recent high of 39042 & prices are trading sideways from that level to till the end of the Last
week.
On downside Silver has facing a support on 37000 and unable to sustain below it, a good
closing below 36950 will take silver to its next support level 36000 on near term which will
be the complication of Flat A-B-C correction.
While all major indicators are indicating natural reading on hourly chart.
On basis of above we are recommending to sell silver on rise 37350-37500 with Stop Loss of
38000 for the Targets of 36000.

Technical
commentary).
Short term Trend:
Bearish .
Medium Term
Trend: Bearish.
For the Traders:
SELL
For Aggressive
Traders: SELL
Support: 3430033700-33200
Resistance-3800040000-44000
Duration:4-5 Days
Recommendation:On the basics of Elliot
analysis we are
Recommending Sell
Silver MCX on Rise
37300-37500 for targets
of 36000 with a strict a
stop loss of 38000.
SILVER HOURLY WAVE COUNT

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