COMMODITY MARKET WHERE TO BET MARKET LEVEL (SUPPORT & RESIST.) UPDATE 2 DEC 2016.

COMMODITY MARKET OUTLOOK

On hourly chart, MCX Gold prices are trading in a Falling channel Formation. Moreover, MCX Gold prices are trading below its 21 HEMA which suggest short term trend remains down. Moreover, Momentum Indicator RSI is trading below 40 levels on hourly time frame which indicates negative momentum to the prices. For now we expect prices should move lower towards 27650 levels in the coming trading sessions.

On hourly chart, MCX Silver prices have completed Bullish Anti – Alternate Shark Harmonic Pattern 40550 levels. 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 10 HEMA on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 41500 levels in few trading sessions.

On hourly chart, MCX Copper price are trading above its Upward slanting trend line support. Moreover, COMEX Copper prices has witnessed breakout of its Falling Wedge pattern at $2.623 levels on hourly chart. In addition MCX Copper prices are trading above its 21 HEMA. Furthermore, momentum indicator RSI is trading above 50 levels on hourly time frame. For now we expect prices to move higher towards 410 levels in coming trading sessions.

MCX Crude Oil achieved our short term target of 3400 as per yesterdays view. MCX MCX Crude Oil prices have witnessed breakout of its Ascending Triangle pattern at 3505 in hourly time frame. MCX Crude Oil is trading above its 50 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 3620 towards levels in coming trading sessions.

mcx market tips

Commodity Market update:-

GOLD

PP-28104

R1- 28306                                    S1-28702

R2- 28416                                    S2-27792

SILVER

PP-40840

R1- 41174                                    S1-40630

R2- 41384                                    S2-40296

CRUDE OIL

PP-3410

R1- 3460                                       S1-3328

R2- 3542                                       S2-3278

NATURAL GAS

PP-231.5

R1- 235.4                                      S1-225.8

R2- 241.1                                      S2-221.9

COPPER

PP-343.5

R1- 390.5                                        S1-282.6

R2- 451.4                                        S2-235.6