TODAY VIEW ON COMMODITY MARKET REPORT UPDATE 15 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 29350 levels in the coming trading sessions.

Silver

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 29350 levels in the coming trading sessions.

Copper

MCX Copper price has given the breakout of its horizontal channel pattern at 404 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 413 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 3480 levels in coming trading sessions.

COMMODITY MARKET LEVELS:-

GOLD

P. POINT- 29052

S1 -28931                                                                   R1-29151

S2 -28832                                                                   R2-29272

SILVER

P. POINT-42512

S1 - 42137                                                                 R1-42803

S2 - 41846                                                                 R2-43178

COPPER

P. POINT-406

S1- 397                                                                       R1-411

S2- 392                                                                       R2-420

NATURAL GAS

P. POINT-196

S1 -193                                                                       R1-197

S2 -192                                                                       R2-199

CRUDE OIL

P. POINT-3568

S1 -3547                                                                     R1-3596

S2 -3519                                                                     R2-3617