OIL STABLE ON EXPECTATIONS OF EXTENDED OPEC | TODAY COMMODITY MARKET TRENDS REPORT 12 MAY 2017.

COMMODITY MARKET OUTLOOK

GOLD

MCX Gold price has given the breakdown of a “Rising channel” pattern at 28700 levels on a daily chart. Moreover, COMEX Gold price has fallen below the rising trend line on the daily chart. In addition, MCX Gold prices have been trading below 100 EMA on a daily chart. The momentum indicator MACD has remained in negative crossover on a daily chart. Therefore, we expect the Gold price to continue moving lower towards 27700 levels.

SILVER

MCX Silver price has shown the breakdown of its “Descending triangle” pattern at 38400 levels on a daily chart Moreover, COMEX Silver price has fallen below the rising trend line on the daily chart. In addition, MCX Silver prices have been trading below 100 EMA on a daily chart. The momentum indicator MACD has shown negative crossover on a daily chart. For now, we expect the price to move lower towards 37000 levels in the coming trading sessions.

CRUDE OIL

MCX Crude price has found support at the lower band of the falling channel on the daily time frame. In addition WTI Crude price has moved above recent range which may induce more upsides in the crude. Moreover, momentum indicator RSI has given the positive crossover on the hourly chart. For now, we expect prices to move up towards 3180 levels in the few trading session.

COPPER

MCX Copper has been moving within a falling channel for many days. On the higher end it found resistance around the upper band of the channel. In addition, MCX Copper price has been trading below its 100 EMA on the daily chart. Momentum indicators like MACD and RSI are in bearish crossover on the daily chart. Based on above parameters we continue to remain bearish on Copper and expect correction towards 348 in coming trading sessions.

Natural gas

U.S. natural gas futures were higher for the second session in a row on Wednesday, as updated weather forecasting models points to stronger demand for the fuel.

COMMODITY MARKET LEVELS:-

GOLD

P. POINT- 28007

S1 -27921                                                                   R1-28082

S2 -27847                                                                   R2-28168

SILVER

P. POINT-38009

S1 - 37792                                                                 R1-38156

S2 - 37645                                                                 R2-38383

COPPER

P. POINT-360

S1- 355                                                                        R1-363

S2- 353                                                                        R2-367

NATURAL GAS

P. POINT-215

S1 -212                                                                        R1-219

S2 -208                                                                        R2-222

CRUDE OIL

P. POINT-3089

S1 -3066                                                                    R1-3111

S2 -3044                                                                    R2-3134