MCX Gold price has traded in range bound movement on Wednesday. On the daily chart, price has pulled back from the bottom and settled above 61.80% retracement levels. Moreover, COMEX Gold price has also breached previous resistance of $1230 and settled above it. Moreover, COMEX price has also moved above 200 weeks SMA on a weekly chart. A momentum indicator RSI (14) and MACD has turned to upside with positive crossover. So based on the above technical structure; we expect bullish momentum in the prices for near term.
MCX Silver price has traded in narrow range on Wednesday. On the daily chart, price has found the support at lower Bollinger band formation and reversed back to upside. COMEX Silver has traded near the previous high of $14.50.Moreover, a momentum indicator RSI (14) and MACD has pulled back from negative zone with positive crossover on the daily chart. which points out reversal in the prices for near term. So based on the above technical studies; we expect bullish momentum in the prices for the day
MCX Copper prices were little changed on Wednesday and settled on flat note. On the daily chart, price has failed to sustain above falling channel pattern and shifted below upper Bollinger band formation. Moreover, price has also moved below 21 days EMA on the daily chart. Furthermore, a momentum indicator RSI (14) and MACD has shown negative strength. So based on the above technical structure, we expect bearish movement in the prices for near term.
MCX Zinc has started a week on positive note and held with same strength from last three days. But overall sentiments are still looking bearish as weekly price has been forming Head & Shoulder patterns; which is incompleted yet and indicates a huge down fall in the counter for near term. Moreover, price has sustained below 100 DEMA and Ichimoku cloud. Furthermore, a momentum indicator RSI (14) and MACD has slipped down with negative crossover on a weekly chart. So based on the above structure, we expect downside movement in the prices
Crude Oil prices fell on Wednesday morning in Asia following threats from Iran that it would disrupt oil shipments in the Gulf, which added to uncertainties ahead of the upcoming OPEC output meeting. On the daily chart, price has moved upward from lower Bollinger band formation; which indicates a further support for the prices. Moreover, NYMEX Crude price has also found the support at $50 and pulled back from there. So based on the above technical structure; we expect sideways to bullish movement in the prices for near term
MCX Natural Gas prices were highly volatile on Wednesday. On the daily chart, price has given Pennant pattern breakout but failed to sustain above the previous level of 328; which confirms buying opportunity in the counter. However, a momentum indicator RSI and MACD are not supporting the prices and showing negative biasness. Hence; we are expecting sideways to bearish movement until price doesn’t sustain above 328 levels.