MCX COMMODITY TIPS INDIA | TODAY COMMODITY MARKET UPDATES 23 NOV 2016

COMMODITY MARKET OUTLOOK

GOLD

MCX Gold prices has witnessed breakdown of its Rising Channel pattern at 29086 levels on hourly time frame. 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 50 levels on hourly time frame which indicates negative momentum to the prices. For now we expect prices should move lower towards 28700 levels in the coming trading sessions.

SILVER

On hourly chart, MCX Silver prices are trading in a consolidation pattern which is expected to break on the higher side. Moreover, MCX Silver prices are trading above its 05 HEMA which suggest short term trend remains up. Furthermore, on COMEX Silver Prices has completed Bullish White Swan Harmonic pattern at $16.44 levels. In Addition, Momentum Indicator RSI is also observed bullish Range swift on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 41550 levels in few trading sessions.

COPPER

As per yesterdays view MCX Copper traded on a higher side and achieved our short term target of 386. On hourly chart, MCX Copper price are trading above its Consolidation Range on hourly time frame. Moreover, COMEX Copper has observed breakout of its Symmetrical pattern at $2.50 levels on hourly chart. In addition MCX Copper prices are trading above its 21 HEMA. For now we expect prices to move higher towards 390 levels in coming trading sessions.

CRUDE OIL

As per our yesterdays view MCX Crude Oil traded on a higher side and achieved our short term target of 3340. MCX Crude oil price have witnessed breakout of its consolidation pattern at 3224 levels 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 3360 towards levels in coming trading sessions.

Commodity Market update:-

GOLD

PP-29163

R1- 29196                                    S1-29105

R2- 29257                                    S2-29059

SILVER

PP-40774

R1- 40782                                    S1-40508

R2- 41048                                    S2-40350

CRUDE OIL

PP-3316

R1- 3358                                      S1-3274

R2- 3400                                      S2-3216

NATURAL GAS

PP-201.7

R1- 204.1                                    S1-198.2

R2- 207.6                                    S2-195.8

COPPER

PP-381.8

R1- 383.6                                    S1-376.7

R2- 387.7                                    S2-374.3

Fundamental News: 

·         Gold prices rose for a second day on Tuesday as the weaker dollar helped lift the precious metal off recent lows.  

·         Prices of the yellow metal are down more than 4% so far this month amid optimism that increased U.S. fiscal spending under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates.

·         OPEC should allow Iraq to continue raising output with no restrictions, Foreign Minister Ibrahim al-Jafari told reporters in Budapest on Tuesday, commenting on a plan by the organization to limit supply in order to support prices.  

·         OPEC experts discussing how to implement a plan to cut oil output are likely to reach agreement later on Tuesday, a Nigerian delegate said, a possible sign of progress in finalizing the group's first supply-limiting deal since 2008.

·         Iraq Tuesday insisted on an exemption from planned OPEC output cuts as it fights Islamic State.

·         Oil prices rose on Tuesday to their highest this month as a growing consensus emerged in the market that OPEC would overcome internal disputes and scepticism to strike a deal that materially reduces crude output.