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Focus on GoldThe yellow metal failed to cling on to its gain after breaking out above 200MA (Weekly) earlier and currently trading below the 20MA daily. Given the daily indicators are remaining bearish, cautious remains in order with an eye on the support at 1216.00$ it’s 100MA and 1210.00$ its 50MA. A break below of these last support level would drag the price further to 1205.00$ it’s C corrective pattern on the H4 chart (1212.00$-1237.40$) and 50.0% of the fib reaction (1160.00$-1243.40$). www.keytomarkets.com Forecast: We expect the current correction could pause between 1216.00$-1210.00$. In this case, a sharp short-term rally would trigger to 1220.00$, 1227.00$ ahead of the critical resistance 1236.00$.
TVC:GOLD
by KeytoMarkets
Brent: Monthly reports eyed Oil traders eyed fresh insights from OPEC and IEA reports Supply crunch back on the table The downside prevails as long as 79.50$-80.50$ is resistance zone The monthly OPEC report will be released on Wed, 12 Sep and IEA report will be published on Thu, 13Sep respectively. We believe this week’s Brent crude oil price action is likely to remain controlled by OPEC and IEA reports. Directionally, we think production wave from Saudi Arabia is setting the stage for bears. Since the end of June, Brent oil has placed at the top at 79.50$ levels. Just last week, the price made a high at 79.46$ and retraced to 75.50$ levels, its earlier breakout level. It seems the near-term price action may have contained within the 80.0$-75.50$ range unless a fresh catalyst emerges, most possible downside. Good support could arise around the 75.50$ ahead of the 75.00$ and 74.00-73.70$. A drag below 75.50$ could attract additional selling interest to 74.00$ and 72.20$ levels. www.keytomarkets.com
FX:UKOIL
by KeytoMarkets
Muthoot Fin Short term viewMost of the time I given my views before breakout, by viewing indicators and having confident on that, So safer traders, can initiate trade after breakout (on closing basis) and risky traders can buy from this level. Daily MACD cut,Weekly MACD crossover, ADX loosening the negative bias,RSI and CCI are in positive mode helps to breakout and reach the target on coming days. One hour chart also favorable to enter at CMP. Vijayaraghavan.K, Kovilpatti.
NSE:MUTHOOTFINLong
by Vijayaraghavan