GOLD HOLDS NEAR 3-1/2 MONTH HIGHS | TODAY COMMODITY MARKET REPORT UPDATE 27 FEB 2017.

COMMODITY MARKET OUTLOOK

GOLD

MCX Gold price has given a breakout of its rising channel pattern at 29490 levels on an hourly chart and prices is coming to retested its breakout trend line levels. Moreover, MCX Gold prices have been trading above 50 HEMA on the daily chart. In addition, COMEX Gold price has shown a breakout of its horizontal trend line at $1230 levels. Moreover, Momentum Indicator RSI has shown bullish range shift on the hourly chart. For now, we expect prices should move higher towards 29860 levels in the coming trading sessions

SILVER

On the 4 hourly chart, MCX Silver price has faced the strong resistance of its rising trend line at 43400 levels. On the other hand, COMEX Silver price has faced the resistance of its horizontal trend line at $18.35 levels. Moreover, COMEX Silver prices have been facing the resistance of its rising trend line at $18.40 levels on the hourly chart. In addition, momentum indicator RSI has faced the resistance of 75 levels, which indicates possibilities of downside in the prices. For now, we expect prices to move lower towards 42300 levels in few trading sessions.

CRUDE OIL

MCX Crude Oil price has faced the resistance of its rising channel pattern and price has faced the resistance of its upper band of channel pattern at 3780 levels. Moreover, prices have been trading below 21 DEMA. Furthermore, NYMEX Crude Oil prices have given a breakdown of its rising trend line at $53.90 levels on the hourly chart. Moreover, Momentum indicator RSI has remained below 60 levels on the hourly chart which suggests negative movement in the prices. For now, we expect prices to move lower towards 3520 levels in coming trading sessions.

COPPER

MCX Copper price has given a breakdown of its rising trend line at 397 levels on 4 hourly chart. On the daily chart, MCX Copper prices have traded below its 50 DEMA on the 4 hourly chart. Furthermore, momentum indicator MACD has shown negative crossover on the 4 hourly time frame, which suggests down momentum in the prices. For now, we expect prices to move lower towards 382 levels in coming trading sessions.

COMMODITY MARKET LEVELS:-

GOLD

P. POINT- 29583

S1 -29526                                                                   R1-29655

S2 -29454                                                                   R2-29712

SILVER

P. POINT-43242

S1 - 43135                                                                 R1-43398

S2 - 42979                                                                 R2-43505

COPPER

P. POINT-393

S1- 391                                                                       R1-397

S2- 387                                                                       R2-400

NATURAL GAS

P. POINT-185

S1 -182                                                                       R1-187

S2 -180                                                                       R2-190

CRUDE OIL

P. POINT-3612

S1 -3596                                                                     R1-3632

S2 -3576                                                                     R2-3648 |