COMMODITY
MARKET OUTLOOK
GOLD
MCX Gold
prices has witnessed breakdown of its consolidation range at 29000 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 hovering near 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 has observed breakdown of its Consolidation pattern at
40400 levels on hourly time frame. Moreover, MCX Silver prices are trading
below its 21 DEMA which suggest short term trend remains down. Furthermore,
counter is trading below its trend line resistance. In Addition, Momentum
Indicator RSI is trading below 50 levels on hourly time frame which indicates
negative momentum to the prices. For now we expect prices to move lower towards
39800 levels in few trading sessions.
COPPER
As per view
on Friday MCX Copper traded on a higher side and achieved our short term target
of 379. On hourly chart, MCX Copper price are trading above its Horizontal
trend line 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 386 levels in coming trading sessions.
CRUDE OIL
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. In
addition, Counter has observed breakout of its Range bound movement in NYMEX at
$47.38 levels 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 3340 towards levels in coming
trading sessions.
Commodity
Market update:-
GOLD
PP-29003
R1- 29059 S1-29905
R2- 29182 S2-28824
SILVER
PP-40546
R1- 40626 S1-40309
R2- 40863 S2-40229
CRUDE OIL
PP-3190
R1- 3218 S1-3115
R2- 3293 S2-3087
NATURAL GAS
PP-196.6
R1- 198.7 S1-191.5
R2- 203.8 S2-189.4
COPPER
PP-374.8
R1- 377.2 S1-368.7
R2- 383.3 S2-366.3
Fundamental News:
·
Gold prices
fell to the lowest level since May on Friday as the dollar rallied to almost
14-year highs amid a rally driven by the U.S. presidential election and
expectations that the Federal Reserve will raise interest rates next month.
·
Gold prices
were pressured lower as the dollar continued to surge following the outcome of
the U.S.
·
Presidential
election, tracking rising U.S. Treasury yields amid expectations that
President-elect Donald Trump’s plans to ramp up fiscal spending and cut taxes
will spur economic growth and inflation.
·
Gold prices
ticked higher in European hours on Monday, but held near the lowest level since
May on expectations for a Federal Reserve rate hike and fiscal stimulus by
President-elect Donald Trump.
·
Oil prices rose
to a three-week high during European hours on Monday, adding to last week's
strong gains on growing expectations that global oil producers will find a way
to cap output at a meeting scheduled for the end of this month.
·
Rowan
Companies Plc (N:RDC) said it and Saudi Armco, Saudi Arabia's state oil
company, have agreed to form an equally owned joint venture to operate offshore
drilling rigs in the country.
·
Oil prices
rose on Monday to their highest in three weeks, catching a lift from a weaker
U.S. dollar and from cautious money managers, as OPEC appeared to be moving
closer to agreeing an output cut when it meets next week.
·
Oil prices
were up by almost 2% on Monday on renewed hopes OPEC will agree to cut output.
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