CRUDE OIL CONTINUE TO BE STRONG , TO DO COMMODITY MARKET UPDATE REPORT 05 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 50 levels on hourly time frame which indicates negative momentum to the prices. For now we expect prices should move lower towards 27700 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 AB = CD Harmonic pattern at $16.16 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 41950 levels in few trading sessions.

On hourly chart, MCX Copper price are trading in rising channel formation and is trading above its upward slanting trend line support. Moreover, COMEX Copper prices has witnessed breakout of its Falling Wedge pattern at $2.63 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 405 levels in coming trading sessions.

MCX Crude Oil prices have witnessed breakout of its Ascending Triangle pattern at 3505 in hourly time frame and is trading above its trend line support. 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 3590 towards levels in coming trading sessions.

COMMODITY TIPS

Commodity Market update:-

GOLD

PP-28020

R1- 28150                                    S1-27902

R2- 28342                                    S2-27698

SILVER

PP-40732

R1- 40960                                    S1-40416

R2- 41276                                    S2-40188

CRUDE OIL

PP-3477

R1- 3592                                       S1-3411

R2- 3658                                       S2-3296

NATURAL GAS

PP-236.1

R1- 244.6                                      S1-231.3

R2- 249.4                                      S2-222.8

COPPER

PP-400.2

R1- 403.8                                        S1-395.9

R2- 409.1                                        S2-392.3