TODAY AN OVERVIEW ON COMMODITIES MARKET REPORT UPDATE 16 FEB 2017.

COMMODITY MARKET OUTLOOK

Bullion

MCX Gold price has given a breakout of its Cup & Handle pattern at 28870 levels on the 4 hourly chart and price has almost retested its breakout trend line levels. Moreover, MCX Gold prices have been trading above 100 HEMA on the hourly chart. In addition, COMEX Gold price has shown a breakout of its horizontal trend line at $1227 levels. Moreover, Momentum Indicator RSI has shown bullish range shift on the hourly chart. For now, we expect prices should move higher towards 29350 levels in the coming trading sessions.

Silver

On the 4 hourly chart, MCX Silver price has given a breakout of its inverted Head & Shoulder neckline at 41980 levels and price has rested its neckline breakout. On the other hand, COMEX Silver price has given a breakout of its horizontal trend line at $17.65 levels. Moreover, MCX Silver prices have been trading above its 21 HEMA. In addition, momentum indicator MACD has shown positive crossover on the 4 hourly chart, which indicates possibilities of further upside in the prices. For now, we expect prices to move higher towards 43400 levels in few trading sessions.

Copper

MCX Copper price has given the breakout of its falling wedge pattern at 402 levels on the hourly chart and price has retested its breakout trend line at 401 levels. On the hourly chart, COMEX Copper price has shown a breakout of its horizontal trend line at 2.75 levels. Furthermore, momentum indicator MACD has shown positive crossover and moved above its signal line levels on the hourly time frame, which suggests some huge upside momentum in the prices. For now, we expect prices to move higher towards 415 levels in coming trading sessions.

Crude oil

MCX Crude Oil price has faced the resistance of its falling trend line at 3600 levels. Moreover, prices have been trading below 200 HEMA. 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 3460 levels in coming trading sessions.

COMMODITY MARKET LEVELS:-

GOLD

P. POINT- 29002

S1 -28920                                                                   R1-29131

S2 -28791                                                                   R2-29212

SILVER

P. POINT-42505

S1 - 42381                                                                 R1-42723

S2 - 41283                                                                 R2-42847

COPPER

P. POINT-404

S1- 401                                                                       R1-407

S2- 398                                                                       R2-410

NATURAL GAS

P. POINT-198

S1 -196                                                                       R1-200

S2 -194                                                                       R2-202

CRUDE OIL

P. POINT-3553

S1 -3527                                                                     R1-3577

S2 -3503                                                                     R2-3603