TODAY OVERVIEW ON COMMODITY MARKET REPORT UPDATE 14 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 charts. Moreover, MCX Gold prices have been trading above 50 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 29400 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. 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 43500 levels in few trading sessions.

Copper

MCX Copper price has given the breakout of its horizontal channel pattern at 411.50 levels on the hourly chart. 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 420 levels in coming trading sessions.

Crude oil

MCX Crude Oil price has given a breakdown of its rising trend line at 3590 levels and price has retested its breakdown trend line at 3620 levels. Channel pattern at 3531 levels on the hourly chart. 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 3450 levels in coming trading sessions.

COMMODITY MARKET LEVELS:-

GOLD

P. POINT- 29039

S1 -29912                                                                   R1-29139

S2 -28812                                                                   R2-29237

SILVER

P. POINT-42514

S1 - 42296                                                                 R1-42672

S2 - 42138                                                                 R2-42890

COPPER

P. POINT-412

S1- 409                                                                       R1-415

S2- 406                                                                       R2-417

NATURAL GAS

P. POINT-200

S1 -197                                                                       R1-202

S2 -195                                                                       R2-204

CRUDE OIL

P. POINT-3565

S1 -3520                                                                     R1-3593

S2 -3492                                                                     R2-3638