COMMODITY MARKET TIPS | TODAY MCX MARKET REPORT 24 NOV 2016.

COMMODITY MARKET OUTLOOK

GOLD

As per yesterdays view MCX Gold traded on a lower side and almost achieved our short term target at 28716. On daily chart, MCX Gold prices are trading below its Horizontal Trend line. Moreover, MCX Gold prices are trading below its 50 HEMA which suggest short term trend remains down. Moreover, Momentum Indicator RSI is trading below 30 levels on hourly time frame which indicates negative momentum to the prices. For now we expect prices should move lower towards 28400 levels in the coming trading sessions.

SILVER

On hourly chart, MCX Silver prices are near its Horizontal trend line support on hourly time frame. Furthermore, on COMEX Silver Prices has completed Bullish White Swan Harmonic pattern at $16.30 levels. In Addition, Momentum Indicator RSI is also trading in oversold zone on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 41300 levels in few trading sessions.

COPPER

As per yesterdays view MCX Copper traded on a higher side and achieved our short term target of 390. On hourly chart, MCX Copper price have observed breakout of its Consolidation range at 391 levels on hourly time frame. Moreover, COMEX Copper has observed breakout of its Symmetrical pattern at $2.60 levels on hourly chart. In addition MCX Copper prices are trading above its 50 HEMA. For now we expect prices to move higher towards 402 levels in coming trading sessions.

CRUDE OIL

As per our yesterdays view MCX Crude Oil traded on a higher side. MCX Crude oil price have retested its trend line at 3239 levels & is trading above its Horizontal trend line on hourly chart. MCX Crude Oil is trading above its 21 HEMA on hourly chart. Moreover, Momentum indicator RSI is trading above 60 levels on hourly chart which suggest the positive movement in the prices. For now we expect prices to move higher 3400 towards levels in coming trading sessions.

Commodity market tips

Commodity Market update:-

GOLD

PP-29027

R1- 29337                                    S1-28700

R2- 29536                                    S2-28518

SILVER

PP-40547

R1- 41125                                    S1-40212

R2- 41460                                    S2-39634

CRUDE OIL

PP-3291

R1- 3307                                      S1-3242

R2- 3356                                      S2-3226

NATURAL GAS

PP-204.0

R1- 207.5                                    S1-200.7

R2- 210.8                                    S2-197.2

COPPER

PP-386.0

R1- 390.5                                    S1-379.1

R2- 397.4                                    S2-374.6

Fundamental News: 

·         Gold prices gave up gains on Tuesday as the dollar regained ground against a basket of the other major currencies, pushing the precious metal back towards recent lows.  

·         Gold prices edged higher on Wednesday as the dollar hovered below almost 14-year highs against a currency basket as investors awaited the release of minutes from the Federal Reserve’s policy meeting earlier this month.

·         Gold prices fell to the lowest levels since February on Wednesday after the dollar surged to fresh 14-year highs as upbeat U.S. economic reports underlined expectations for higher interest rates.  

·         Oil prices rose on Wednesday, after the U.S. Energy Information Administration reported a larger-than-expected U.S. oil inventory drawdown last week.  

·         OPEC will debate an oil output cut of 4.0-4.5 percent for all of its members except Libya and Nigeria next week but the deal's success hinges on an agreement from Iraq and Iran, which are far from certain to give full backing.  

·         U.S. oil prices moved higher on Wednesday, hovering close to a three-week peak as traders were still hoping OPEC will be able to hammer out a production freeze deal before the end of the month.