MCX Gold price remained in the sideward movement for the forth consecutive days. In addition, price held above both 21 EMA and 50 EMA. Besides, a bullish reciprocal ABCD harmonic pattern is visible in the COMEX Gold. Furthermore, on the daily chart RSI (14) has entered in a bullish crossover. However, on the higher end a falling trendline has been acting resistance, a breakout above the trendline may trigger a upside towards 30150.
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MCX Silver has traded within a narrow range for the third consecutive days. On the daily chart, MCX Silver has sustained above the falling trendline. In addition, price sustained above 200 DEMA on the daily chart. Moreover, price has remained moved 38.20% retracement of the previous fall from 41927 to 38710. Momentum indicator on the daily chart RSI (14) has entered in a bullish crossover. Therefore, the short term trend remains bearish; on the higher end prices may move towards 40650 over the short term.
In daily chart, the MCX Copper price has been consolidating after it has given a cup and handle pattern on the daily chart which is a very bullish set up. Moreover, price has sustained above 21 EMA in the daily chart. In addition, daily RSI is in bullish crossover and rising. Based on the above analysis we keep our bullish view on MCX Copper with a revised price potential of 454 in the near to short term.
MCX Crude Oil price has formed hanging man pattern on the daily time frame which is a bearish set up. In addition, NYMEX Crude Oil price has found resistance at the 61.80% retracement ratio of the previous fall from 52.86 to 49.10. Moreover, RSI (14) is in bearish crossover on the daily chart. Based on the above analysis we can come out with a view that Crude price may move down towards 3200 over the near term.