IN INTERNATIONAL MARKETS, THE DOLLAR WAS BATTERED BY STRONG CRUDE | COMMODITY MARKET UPDATE 04 JANUARY 2017.

COMMODITY MARKET OUTLOOK

 MCX Gold price has given breakout of its rectangle pattern at 27420 levels and price has retested its breakout trend line at 27420 levels. In addition, prices have been trading above its 50 HEMA. Moreover, Momentum Indicator RSI have been moving above 60 levels, which gives the sign of bullishness in the prices. For now we expect prices should move higher towards 28100 levels in the coming trading sessions.

 MCX Silver price has been trading in its falling wedge pattern and prices have been taking support of its lower band of pattern at 38500 levels. On the other hand, prices COMEX Silver prices have been taking support of its horizontal trend line at $15.85 levels on hourly chart. In addition, momentum indicator MACD has given positive crossover on hourly chart, which indicates strength in the prices. For now we expect prices to move higher towards 41400 levels in few trading sessions.

MCX Copper price has been trading in falling channel pattern and prices have been hovering around its resistance of its upper band of channel pattern at 382 levels on 4 hourly chart. In addition MCX Copper prices are trading below its 100 HEMA. Furthermore, momentum indicator CCI has faced resistance of its falling trend line at +157 levels on 4 hourly time frames, which suggest further down side momentum can be seen. For now we expect prices to move lower towards 367 levels in coming trading sessions.

MCX Crude Oil prices have given breakdown of its rising trend line at 3665 levels on hourly chart. MCX Crude Oil is trading below its 21 HEMA on hourly chart. On the other hand, NYMEX WTI Crude oil price has shown breakdown of its rising trend line at $54.10 levels. Moreover, Momentum indicator MACD is trading moving below its signal line levels on hourly chart which suggest the negative movement in the prices. For now we expect prices to move lower towards 3500 levels in coming trading sessions.

Commodity Market update:-

GOLD

PP-26643

R1- 28150                                   S1-25537

R2- 28350                                   S2-23343

SILVER

PP-40079

R1- 40907                                   S1-39591

R2- 41395                                   S2-38763

CRUDE OIL

PP-3672

R1- 3728                                       S1-3563

R2- 3837                                       S2-3507

NATURAL GAS

PP-235.7

R1- 242.8                                        S1-221.8

R2- 256.6                                        S2-214.9

COPPER

PP-379.1

R1- 382.1                                         S1-374.0

R2- 387.2                                         S2-371.0