WHAT SHOULD BE THE STRATEGY IN THE COMMODITY MARKET TODAY (SUPPORT & RESISTANCE) UPDATE 28 NOV 2016.

COMMODITY MARKET OUTLOOK

GOLD

On hourly chart, MCX Gold prices are trading below its Horizontal Trend line. Moreover, MCX Gold prices are trading below its 21 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 28200 levels in the coming trading sessions.

SILVER

On hourly chart, MCX Silver prices are trading in falling wedge pattern & are expected to break on the higher side. Furthermore, on COMEX Silver Prices has completed Bullish White Swan Harmonic pattern at $16.30 levels. In Addition, MCX Silver prices are trading above its 21 HEMA on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 41100 levels in few trading sessions.

COPPER

On hourly chart, MCX Copper price are trading above its trend line support. Moreover, COMEX Copper is trading in higher high higher low pattern on hourly chart. In addition MCX Copper prices are trading above its 50 HEMA. Furthermore, momentum indicator RSI is trading above 60 levels on daily time frame. For now we expect prices to move higher towards 411 levels in coming trading sessions.

 CRUDE OIL

MCX Crude Oil prices has witnessed breakdown of its Rising Channel at 3244 levels in hourly time frame. MCX Crude Oil is trading below its 50 HEMA on hourly chart. In addition, NYMEX Crude Oil has formed Rounding Top pattern in hourly time frame. Moreover, Momentum indicator RSI is trading below 45 levels on hourly chart which suggest the negative movement in the prices. For now we expect prices to move lower 3115 towards levels in coming trading sessions.

Commodity Market update:-

GOLD

PP-28604

R1- 28835                                    S1-28700

R2- 28923                                    S2-28285

SILVER

PP-40252

R1- 40645                                    S1-39920

R2- 40977                                    S2-39527

CRUDE OIL

PP-3272

R1- 3305                                      S1-3269

R2- 3308                                      S2-3236

NATURAL GAS

PP-208.2

R1- 209.7                                    S1-207.4

R2- 210.5                                    S2-205.9

COPPER

PP-401.0

R1- 403.7                                    S1-399.7

R2- 404.9                                    S2-397.0