The document provides a recommendation to sell gold and silver futures contracts on the MCX exchange in India. For gold, it recommends selling above 26950-27050 levels with a stop loss of 27250 and target of 26500. For silver, it recommends selling at 37700-37600 with a stop loss of 38050 and target of 36500. Both recommendations are based on technical analysis showing the metals in bearish short and medium-term trends with resistances at cited levels and indicators like RSI in oversold zones, suggesting upside moves may end soon. Charts are provided showing wave counts supporting the analysis.

1. 31/12/2014

2. Date and Time
31/DEC/2014
STOCK: GOLD MCX
Call: SELL
CMP: 26800
Initiation Level:
26950-27050
Book Profit (Level
1): 26500 .
Book Profit (Level
2): NA
Stop Loss: 27250
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: 26900-
26400-25800
Resistance-27700-
28500-29990
Duration:4-5 Days
Recommendation:-
On the basis of above
our recommendation
we have
recommended on 27
Dec to Sell Gold MCX
above 26950 to 27050
with a strict Stop Loss
above 27250 for the
target of 26500. Which
is underway.
GOLD MCX
Technical commentary:-
Keep all weapons ready to shoot gold.
A night before Christmas gold mcx has taken a support below 26600 and on morning 26 Dec a
gap up opening conform that gold is making wave (4) of possible ending diagonal triangle of
Wave (C).
Now if we look on the gold mcx hourly chart closely we can easily find that on upside gold is
having a major resistance above 26982 to 27000 and continuously failed to sustain above it, and
on the other hand as per the ideal rules of Elliot Wave Analysis wave (4) of an ending diagonal
triangle of contracting verity should not go beyond to starting of wave (3) which is 27050,
On 30 min and 15 min chart Rsi is on over sold zone with divergence, this shows that a upside
rally could end any time.
On the basis of above We have recommended on 27 Dec 2014 to Sell Gold MCX above 26950 to
27050 with a strict Stop Loss above 27250 for the target of 26500 which is still underway.

3. GOLD HOURLY CHART WITH WAVE COUNTING
Date and Time
31/Dec/2014
STOCK: SILVER MCX
Call: SELL
CMP: 37650
Initiation Level:
BELOW 36500
Book Profit (Level
1): 36000
Book Profit (Level
2): NA
Stop Loss: 38000
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: 34300-
33700-33200
Resistance-38000-
40000-44000
Duration:4-5 Days
Recommendation:-
On the basis of above we
have recommend on 27
dec to sell silver on rise
at 37700-37600 for
targets of 36500 with a
stop loss above 38050.
Which is underway.
SILVER MCX
Technical commentary:-
Due to domestic speculation in silver and gold Silver has touched a high of 37644, and near to
its resistance 37700, which could be the end of wave (b) .
On the other hand rsi is still trading on oversold with zone divergence MACD is giving
negative divergence.
On 25 dec silver traded with low volume due to holiday’s in world markets a some volume
increment can be seen on 27th Dec 2014 when world market’s will open, in such situation a
fresh short position will take by global traders of world commodity markets due to over
buying in silver,
On the basis of above we have recommended on 27 Dec to sell silver on rise at 37700-37600
for targets of 36500 with a stop loss above 38050 which is still underway.
SILVER HOURLY WAVE COUNT

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