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- 28035
S1 -27925 R1-28100
S2 -27810 R2-28210
SILVER
P. POINT-38027
S1 - 37765
R1-38185
S2 - 37607 R2-38447
COPPER
P. POINT-358
S1- 355 R1-361
S2- 353 R2-363
NATURAL GAS
P. POINT-212
S1 -208 R1-217
S2 -203 R2-221
CRUDE OIL
P. POINT-3047
S1 -3009 R1-3114
S2 -2942 R2-3152
Gold prices were trading steady on early Friday ahead of US GDP data, which is due to release today. Prices edged lower on Thursday under
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