HERE ARE TRENDS AND UPDATES ON COMMODITIES MARKET NEWS UPDATE 21 APRIL 2017.

COMMODITY MARKET OUTLOOK

GOLD

MCX Gold price has been trading in a rising channel formation from past few days and prices are trading near its resistance levels at 29500 levels on the 4 hourly chart. Moreover, COMEX Gold price has faced the resistance of its horizontal trend line at $1305 levels on the 4 hourly time frame. The momentum indicator MACD has shown negative crossover on the hourly chart. Therefore, we expect Gold price to move lower towards 29050 levels.

SILVER

MCX Silver prices shown breakdown of its rising trend line at 41450 levels on the hourly chart. Moreover, COMEX Silver has faced the resistance of its horizontal trend line at $18.30 levels on the hourly chart. In addition, momentum indicator MACD has given negative Crossover on the hourly chart in MCX Silver. For now, we expect the price to move lower towards 40500 levels in the coming trading sessions.

COPPER

MCX Copper has faced resistance of its falling trend 367.50 levels on the hourly chart. MCX Copper price has given the breakdown of its horizontal channel pattern at 367 levels on the daily chart and price has faced the resistance of its upper band of the pattern. Moreover, prices have been trading below its 200HEMA on the hourly chart. Based on above parameters we continue to remain bearish on Copper and expect correction towards 353 in coming trading sessions.

CRUDE OIL

MCX Crude price has given the breakdown of its rising trend line at 3340 levels and price has retested its breakdown trend line at 3480 levels. In addition, NYMEX WTI Crude price has faced the resistance of its horizontal trend line at $53.60 levels on the 4 hourly chart. Moreover, momentum indicator MACD has given the negative crossover on the 4 hourly chart. For now, we expect prices to correct towards 3210 levels in the few trading session.

COMMODITY MARKET LEVELS:-

GOLD

P. POINT- 29,258

S1 -29,185                                                                   R1-29,313

S2 -29,130                                                                   R2-29,386

SILVER

P. POINT-41503

S1 - 41032                                                                 R1-41807

S2 - 40728                                                                 R2-42278

COPPER

P. POINT-362

S1- 359                                                                        R1-366

S2- 355                                                                        R2-369

NATURAL GAS

P. POINT-204

S1 -202                                                                        R1-207

S2 -199                                                                        R2-209

CRUDE OIL

P. POINT-3308

S1 -3285                                                                    R1-3333

S2 -3260                                                                    R2-3356