SURGE IN CRUDE, GOLD 4 WEEK AT THE HIGHEST LEVEL | TODAY COMMODITY MARKET LEVEL & NEWS UPDATE 05 JANUARY 2017.

COMMODITY MARKET OUTLOOK

MCX Gold prices have been trading in rising channel formation and prices have been facing resistance 27830 levels. In addition, COMEX Gold prices have been facing resistance of its horizontal trend line at $1168 levels on hourly chart. Moreover, Momentum Indicator RSI have shown negative divergence on 4 hourly chart, which gives the sign of bearishness in the prices. For now we expect prices should move lower towards 27350 levels in the coming trading sessions.

MCX Silver price has faced resistance of its falling trend line at 40400 levels on hourly chart. On the other hand, MCX Silver price has completed bearish AB=CD harmonic pattern at 40570 levels on hourly chart. In addition, momentum indicator MACD has given negative crossover on hourly chart, which indicates lack of strength in the prices. For now we expect prices to move lower towards 39250 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 386 levels on daily chart. In addition MCX Copper prices are trading below its 21 HEMA. Furthermore, momentum indicator MACD has remained below signal line on daily time frame, which suggest further down side momentum can be seen. For now we expect prices to move lower towards 374 levels in coming trading sessions.

MCX Crude Oil prices have given breakdown of its rising trend line at 3610 levels on 4 hourly charts. MCX Crude Oil is trading below its 50 HEMA on hourly chart. On the other hand, NYMEX WTI Crude oil price has shown breakdown of its rising trend line at $54 levels. Moreover, Momentum indicator MACD has shown negative crossover and moving below its signal line on 4 hourly chart which suggest negative movement in the prices. For now we expect prices to move lower towards 3470 levels in coming trading sessions.

Commodity Market update:-

GOLD

PP-27711

R1- 28150                                   S1-27607

R2- 28350                                   S2-27554

SILVER

PP-40085

R1- 40359                                   S1-39826

R2- 40618                                   S2-39552

CRUDE OIL

PP-3590

R1- 3623                                       S1-3563

R2- 3650                                       S2-3530

NATURAL GAS

PP-225.0

R1- 227.5                                        S1-220.6

R2- 231.9                                        S2-218.1

COPPER

PP-382.1

R1- 387.4                                         S1-378.8

R2- 390.7                                         S2-373.5