Technical Talk: Gold Seen Sideways After Yesterdays Rebound

24 Mar 2022 , 09:14 AM

A good recovery was seen in MCX Gold futures yesterday with the counter ending up 0.78% at Rs 51767 per 10 grams. The overall price action is still sideways and upper Bollinger Band on four hourly chart, currently placed at 51839 could act as a moderate resistance. Similar cues are emerging on 1 hour chart as well. A break above will take up the futures near Rs 52k. The 50 hour SMA placed around 51545 could act as a good focal point in intraday.

MCX Copper seems to have gotten exhausted after a sharp run to Rs 826 per kg mark in last session. The upper Bollinger Band on four hourly chart is coming into play now. However, the buying support seen after break above critical Rs 815 per kg – 50 SMA on four hour chart could ensure that losses are somewhat protected. Good support can emerge around Rs 817-820 mark.

MCX Crude oil 3.80% to close at Rs 8730 per barrel in last session. Momentum is firm with four hourly Bollinger Bands offering a target of Rs 8954 per barrel. Some moderation is possible if Rs 8770 which was the previous top on hourly chart gives up.

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