On the weekly chart MCX Gold price has been trading within a rising channel. However, in the recent move price found resistance at the upper band of the rising channel and it has falling towards lower levels. In addition, on the daily frame, price has given a rising wedge breakdown. On the other hand a negative divergence is visible in the weekly RSI. Moreover, daily RSI as well as MACD are in bearish crossover. Therefore, going forward we expect a correction in the Gold price.
MCX Silver has been trading within a symmetrical triangle on the weekly chart. Price is finding resistance at the upper side of the triangle. In addition, price has also fallen below the 200 DEMA on the weekly chart. On the higher end price has reached at the upper bollinger band which may induce some resistance. Going with the above analysis we can expect a weakness in the MCX Silver price.
On the weekly chart price has been hovering within a rising wedge pattern. On the daily chart price has failed to make a higher peak in its recent move. A recent pullback may get resistance at the 50 DEMA on the daily chart. Weekly RSI is in bearish crossover; also weekly MACD is in negative crossover. Going forward the bias is expected to remain bearish.
MCX Zinc price has given a rising trendline breakdown on the weekly chart. In addition, on the weekly chart price has fallen below 50 DEMA and so far sustaining below it. Moreover, daily RSI as well as MACD are in negative crossover and falling. Negative Divergence is visible in RSI on the weekly chart. Therefore, the bias is expected to remain weak for the day.
On the weekly chart MCX Crude Oil price gave a falling trendline breakout which pushed the price to further higher. However, in the recent move price has found resistance at the falling trendline and slipped to lower levels. Moreover, an engulfing pattern is visible on the weekly chart. In addition, price has once again found resistance at 50 DEMA on the daily chart. Weekly RSI is in bearish crossover. Based on above studies we can expect a negative movement in MCX Crude Oil price.
Oil markets rallied sharp on Friday and climbed on Monday on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy sustained to create jobs, which industry hopes will drive higher fuel demand.
The Labor Department said on Friday that The U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month.
According to Baker Hughes energy services firm on Friday – In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months, with drillers cutting back four rigs, to 796.
Crude oil daily chart has formed “Symmetrical triangle” pattern. The last session been a strong bullish one. The market is expected to continue in bullish momentum, once the same breaks above a key resistance holding at $63(4093). The upside rally could test all the way through $64-65(4158-4223) levels in the upcoming sessions. Alternatively, if the resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test $61-60(3963-3898) levels. Key Support holds at $60(3898).
On the weekly chart, MCX Natural Gas has found support at the trend line drawn with Feb17 and Dec 17 lows and moved up. Positive divergence is visible in the weekly RSI as the momentum indicator made a higher low against lower trough in price. Daily MACD is in bullish crossover. Based on above technical studies we expect a positive move in the MCX Natural Gas price in the days to come.AFTER POST CONTENT