COMMODITY
MARKET OUTLOOK
GOLD
MCX Gold price has given breakdown of its
“Rising Channel” pattern at 29000 levels on a daily chart. Moreover, COMEX Gold
price has faced the resistance at $1275 levels. In addition, MCX Gold prices
have been trading below 50 EMA on a daily chart. The momentum indicator MACD
has shown negative crossover on the a daily chart. Therefore, we expect the
Gold price to move lower towards 28500 levels.
SILVER
On a daily chart, MCX Silver price has given
breakdown if its rising trend line at 41750 levels. Moreover, COMEX Silver
price has faced the resistance at $17.90 levels on the hourly chart. In
addition, MCX Silver prices have been trading below 50 EMA on a daily chart.
The momentum indicator MACD has shown negative crossover on the a daily chart.
For now, we expect the price to move lower towards 39100 levels in the 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 closed below $50
for the first time after several days. Moreover, momentum indicator MACD has
given the negative crossover on the 4 hourly chart. For now, we expect prices
to correct towards 3100 levels in the few trading session.
COPPER
MCX Copper has faced the resistance of its
falling channel 367.50 levels on the hourly chart. In addition, MCX Copper
price has found resistance at 50 EMA on the hourly chart. Momentum indicator
MACD is in bearish crossover on the hourly chart. Based on above parameters we
continue to remain bearish on Copper and expect correction towards 356 in
coming trading sessions.
COMMODITY MARKET
LEVELS:-
GOLD
P. POINT- 28744
S1 -28666 R1-28827
S2 -28583 R2-28905
SILVER
P. POINT-40150
S1 - 39925 R1-40290
S2 - 39785
R2-40515
COPPER
P. POINT-366
S1- 363 R1-367
S2- 362 R2-369
NATURAL GAS
P. POINT-207
S1 -205 R1-212
S2 -200 R2-214
CRUDE OIL
P. POINT-3171
S1 -3162
R1-3238
S2 -3118
R2-3266
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