STRONG RALLY IN GOLD AND SILVER , CRUDE IDLLING | TODAY COMMODITY MARKET UPDATE 27 DEC 2016.

COMMODITY MARKET OUTLOOK

On Hourly chart, MCX Gold price has given breakdown of its rising channel pattern at 27040 levels. Furthermore, COMEX Gold prices have been trading below its falling trend line at $1140 levels on hourly chart. Moreover, Momentum Indicator MACD is trading below its signal line on hourly time frame which indicates the possibilities of further downside in the prices. For now we expect prices should move lower towards 26600 levels in the coming trading sessions.

 On 4 hourly charts, MCX Silver price has given breakdown of its falling wedge pattern at 39080 levels. On the other hand, prices are trading below 50 HEMA. Furthermore, COMEX Silver price has given breakdown of its horizontal trend line at $16 levels on hourly chart. In addition, momentum indicator MACD has given negative crossover on 4 hourly charts, which indicates lack of strength in the prices. For now we expect prices to move lower towards 37600 levels in few trading sessions.

 MCX Copper price has shown breakdown of its descending triangle pattern at 383 levels on daily chart. Moreover, COMEX Copper prices are trading in falling channel pattern. In addition MCX Copper prices are trading below its 21 HEMA. Furthermore, momentum indicator MACD has shown negative crossover on daily time frame, which suggest further weakness in the momentum can be seen. For now we expect prices to move lower towards 362 levels in coming trading sessions.

MCX Crude Oil prices has been trading in rising wedge pattern and taking support of its lower band of wedge pattern at 3550 levels on hourly chart. MCX Crude Oil is trading above its 100 HEMA on hourly chart. On the other hand, NYMEX WTI Crude oil price has taken support of its rising trend line at $52.40 levels. Moreover, Momentum indicator RSI is trading above 50 levels on hourly chart which suggest the positive movement in the prices. For now we expect prices to move higher towards 3710 levels in coming trading sessions.

Commodity Market update:-

GOLD

PP-26982

R1- 27150                                   S1-26790

R2- 27350                                   S2-26700

SILVER

PP-39768

R1- 38992                                    S1-38371

R2- 39389                                    S2-38147

CRUDE OIL

PP-3615

R1- 3624                                       S1-3603

R2- 3636                                       S2-3594

NATURAL GAS

PP-248.8

R1- 250.5                                        S1-246.6

R2- 252.7                                        S2-244.9

COPPER

PP-368.2

R1- 371.4                                         S1-365.7

R2- 373.8                                         S2-362.5