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Candlestick charts are a cornerstone of technical analysis, providing a visually intuitive way to understand price movements in the MCX Gold and Silver markets. By recognising specific candlestick patterns, traders can glean valuable insights into market sentiment and identify potential trading opportunities. Here, we'll delve into several major reversal candlestick patterns that can be instrumental in your MCX trading journey.Reversal Patterns: Beacons of ChangeReversal candlestick patterns signal a potential shift in the underlying trend. These patterns appear at the end of an uptrend or downtrend and suggest a possible trend reversal. Here are four prominent reversal candlestick patterns to watch for in MCX Gold and Silver:Hammer: Resembling a hammer, this pattern features a long lower wick, a small real body, and little or no upper wick. It appears at the bottom of a downtrend, suggesting buyers are stepping in to push prices higher despite selling pressure during the day. 108893918Inverted Hammer: The inverted hammer is the bullish counterpart of the hammer. It appears at the top of an uptrend, with a small real body positioned at the bottom and a long upper wick. This pattern suggests sellers are attempting to drive prices down, but buyers are emerging to push prices back up by the close.Bullish Engulfing Pattern: This two-candle pattern signifies a potential reversal with strong conviction. A bullish engulfing pattern occurs when a large bullish candlestick completely engulfs the real body of the preceding bearish candlestick. Conversely, a bearish engulfing pattern is formed by a large bearish candlestick engulfing the real body of the preceding bullish candlestick.Bearish Engulfing Pattern: On the other hand, the Bearish Engulfing Pattern is a two-candle pattern where the second candle completely engulfs the body of the previous candle. It indicates a shift from bullish to bearish sentiment, with sellers overpowering buyers. In MCX Gold and Silver trading, a Bearish Engulfing Pattern forming after an uptrend could signal a potential reversal, with sellers taking control and driving prices lower. 108893927Bullish Harami Pattern: The Bullish Harami Pattern is a two-candle pattern that occurs during a downtrend, where the first candle is a large bearish candle, followed by a smaller bullish candle that is completely engulfed by the body of the previous candle. This pattern indicates a potential reversal, with the smaller bullish candle signaling indecision and possible buying pressure. 108893966Bearish Harami Pattern: Conversely, the Bearish Harami Pattern is a two-candle pattern that occurs during an uptrend, where the first candle is a large bullish candle, followed by a smaller bearish candle that is completely engulfed by the body of the previous candle. This pattern suggests a potential reversal, with the smaller bearish candle indicating indecision and potential selling pressure.Remember: Candlestick patterns are not guarantees of a reversal. They should be analysed in conjunction with other technical indicators and considered within the broader market context for a more comprehensive trading strategy.Beyond the Basics Mastering candlestick patterns goes beyond memorizing their shapes. Here are some additional pointers to consider:Confirmation: Look for confirmation signals from other technical indicators or price action to strengthen the reversal potential suggested by the candlestick pattern.Placement on the Chart: The location of the candlestick pattern on the chart can influence its significance. Patterns appearing near support or resistance levels often carry more weight.Context Matters: Always consider the prevailing trend and market sentiment when interpreting candlestick patterns.(The author is Vice President Commodity Research at LKP Securities)

China has said it would continue to support Sri Lanka, as the crisis-hit island nation's prime minister on Saturday wrapped up a visit to Beijing to try to finalise a debt restructuring deal.Prime Minister Dinesh Gunawardena arrived in China on Monday for a visit that included meeting President Xi Jinping and an appearance at the Boao Forum, a high-profile international meeting.Sri Lanka's years-long economic crisis was high on the agenda during Gunawardena's trip, with China accounting for around 10 percent of the South Asian country's total foreign debt.China is willing to "continue supporting its financial institutions to actively negotiate with Sri Lanka, maintain friendly communication with other creditors, play a positive role in the International Monetary Fund, assist Sri Lanka in financial relief," Beijing's foreign ministry said in the Chinese version of a joint bilateral statement released Friday.The two sides agreed to "make every effort to promote the Port City Colombo and Hambantota Development Project, turning them into flagship projects of the Sino-Sri Lankan joint construction of the 'Belt and Road'", the statement said, referring to Xi's massive Belt and Road global infrastructure initiative.The southern sea port of Hambantota was considered among the white-elephant projects launched by former president Mahinda Rajapaksa, who ruled the country for a decade until 2015.Rajapaksa borrowed heavily from China for projects that many criticised as a debt trap that led to the worst economic crisis in Sri Lanka's history.Unable to repay a huge loan taken from China in 2017 to build Hambantota port, Sri Lanka handed it over to the state-owned China Merchants Group for $1.12 billion on a 99-year lease.Sri Lanka defaulted on its $46 billion external debt in April 2022 after it ran out of foreign exchange to finance even essential imports such as food, fuel and medicine.It secured a $2.9 billion International Monetary Fund (IMF) bailout last year, with the programme conditional on a debt deal that satisfies foreign creditors.China had agreed "in principle" to restructure Sri Lanka's debt in December, but neither Colombo nor Beijing had given details and the two are yet to finalise an agreement.Sri Lanka's government said in January that a foreign debt restructure would be finalised by the beginning of April.

At a conference in Manhattan last week, a few hundred people gathered to hear luminaries of the cryptocurrency industry and executives from the likes of BlackRock and Fidelity discuss Bitcoin’s march into the investing mainstream this year.However, it was another token that kept coming up in the conversations: a newer cryptocurrency best known for its logo featuring an image of a dog wearing a knit hat. The billionaire Michael Novogratz, chief executive officer of Galaxy Digital, jokingly lamented that he doesn’t have a position in the coin called dogwifhat.“I don’t, as much as I want to,” he said to laughs from the audience. “I just fear if I tweet ‘God, I love dogwifhat like Arthur Hayes does,’ I will literally be investigated two days later by the CFTC.”The proximate cause of this year’s revival in digital-asset markets is the arrival of long-awaited US exchange-traded funds that are delivering Bitcoin into investors’ traditional brokerage accounts. Yet much like with the conversations at this Bitcoin Investor Day conference, the crypto community’s more whimsical impulses are stealing the spotlight in the market, pushing some of the most-pointless tokens — known as memecoins — to even bigger gains than Bitcoin. By now, even a normie – the industry’s nickname for non-crypto people – probably knows a thing or two about memecoins, the tokens most-famous for their cute logos featuring dogs or frogs or pop-culture references rather than any hint of blockchain innovation. Still, the silliness currently on display among self-described “degens” in this corner of the crypto market may come as a surprise.A website called pump.fun allows anyone to create a memecoin through an automated process. Simply enter a name, an introductory description and an image that represents the token. Others browsing the website can “ape” – crypto slang for buying without doing much research – into whatever memecoins they like.Spending just a few minutes on the website is mesmerizing, with dozens of new memecoins created — and swiftly pumped in value by traders. There are tokens like BoomerCoin. (Ticker: BOOMER; description: “Sell and Grandma dies.”) among memecoins in almost any pop-culture, or crypto-culture category one can imagine. There’s even one mocking a caricature of a risk-adverse traditional-finance worker named Jared, with the description: “memecoins? Sounds too risky, I will never touch them.”https://x.com/tarunchitra/status/1769136015128584361?s=20Elsewhere, a new wave of bots based on messaging platform Telegram is fueling popularity for blockchain platforms that are cheaper and faster than Ethereum. Tornado Blast, a Telegram bot on blockchain platform Blast, makes gambling on tokens as easy as chatting with ChatGPT. Anyone with a digital wallet and Telegram can buy, sell, and transfer tokens with Tornado Blast. The bot also has new functions such as “Gem Finder,” which purports to use artificial intelligence to find coins “that could have a nice risk/return ratio for your degens plays,” according to the website.Yet, while the latest craziness has breathed new life into the crypto world’s promo artists, the retail traders they rely on to “ape” into the coins have been slow to return. Global retail trading activity on Binance in February only returned to levels seen in mid-2022, which was the end of the last bull market.“There are definitely more retail users returning, but not to the volumes of what we saw in 2021,” Andy Goldin, global head of data and analytics at Binance, the world’s largest crypto exchange, said in an interview. “Some of this memecoins stuff is a little bit more the purview of experienced traders.”Still, on the Solana blockchain, the memecoin frenzy is picking up steam. More than $122 million worth of Solana tokens were raised from so-called presales of new coins before they were launched, according to data compiled by crypto sleuth ZachXBT.https://x.com/FTI_DA/status/1773423840988668204?s=20“The memecoins are so naturally speculative, there’s no expectation that they will make real products,” said Zaheer Ebtikar, founder of crypto fund Split Capital. “It’s just people fighting for liquidity and attention. People, especially retail investors that got blown up from last cycle, are so eager to win it all in one trade.”Several incidents recently have served as a reminder of how risky the hype can be.??A developer of a sloth-themed memecoin claimed they accidentally burned a large amount of the tokens after the project raised $10 million — essentially losing all the money raised. While this could have become a major legal problem in any traditional market, the token, called Slerf, started trading nevertheless and now has a total market value of $340 million, according to tracker CoinGecko.“The biggest casino on Earth seems to have re-opened its door,” crypto blog Rekt said in a recent newsletter on the Slerf incident. “The odds are against us, and yet we ape don’t seem to learn. What does this say about us?”Back at the Bitcoin Investor Day event in Manhattan, it was time for BlackRock’s head of digital assets, Robert Mitchnick, to speak. The firm’s iShares Bitcoin Trust has been at the top of the league table of the new ETFs, gathering more than $17 billion in assets in less than three months. The event’s organizer, the crypto personality Anthony Pompliano, asked Mitchnick what’s next for BlackRock. And also, of course, what he thought of Novogratz’s take on dogwifhat.“I think that crypto Twitter would love to believe that a dogwifhat ETF is coming next,” Mitchnick said to laughs, before indicating that no one should count on that: “I actually don’t know what dogwifhat even is.”