MCX Gold price has slipped again on Thursday after a small pullback while COMEX price has traded above the level of $1250. On the daily chart, Gold has shifted below 50% retracement levels and 21 days SMA; which indicates further downtrend in the price. Moreover, price has sustained below parabolic sar on the daily charts. Furthermore, a momentum indicator RSI (14) has shown negative crossover on the daily chart. So based on the above technical structure; we expect bearish momentum in the prices for near term.
MCX Silver has traded lower on Thursday. On a weekly chart price corrected consecutively fourth day in a row. On the daily chart, price has failed to sustain above falling trend line and breached major psychological level of Rs. 38000. Moreover, price has shifted below upper Bollinger band formation. Furthermore, a momentum indicator RSI (14) has pulled down from the higher side; which could be a negative sign for short term. So based on the above technical studies; we expect bearish momentum in the prices for the day
MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bearish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The continuation of the trend will be confirmed once the prices breaks below the key support holding at 3200. The negative rally could be testing all the way up to 3150-3100 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the might have a chance to retest the same and revise the trend once again to bullish. Such reversal could possibly test up to 3350-3450 levels. Key resistance holds at 3450.
Oil prices fell more than 4 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets. On the daily chart, MCX Crude price has breached major support of 3464 levels and traded near lower Bollinger band formation. While, NYMEX price has shown positive divergence in daily RSI, which is not confirmed yet. So based on the above structure, we expect downside in the prices for the day.
MCX Natural Gas prices pulled back almost 6% on Thursday, driven by shortcovering and position-squaring ahead of today’s U.S. Energy Information Administration’s (EIA) weekly storage report. On the daily chart, price has given Symmetrical Triangle pattern breakdown and sustained below it. Moreover, price has also breached lower Bollinger band. A momentum indicator RSI (14) and MACD has shown negative strength. So based on the above structure, we expect bearish movement in the prices for the day.