On the 4 hourly chart, MCX Gold has formed morning star candlestick patterns and bounced back from lower levels. Moreover. COMEX Gold has found a support of (1263.45) 61.80% retracement level in daily chart. Furthermore, on the 4 hourly chart RSI (14) has turned from its oversold zone. Based on the above technical studies, we expect further upward movement in MCX Gold with a potential price of 29490 in upcoming trading session.
On the weekly chart, MCX Silver price has been moving near the golden ratio of 61.8 retracement level & failed to sustain below the psychological level of Rs. 39000, which indicate prices are getting support of that level. In addition, RSI (14) has taken a support of the falling trendline. Furthermore, Volume has increased as compare to the last week, which suggest positive momentum in the prices. Based on the above studies we expect bullish move on MCX Silver and on the upper end price may remembrance towards 39600.
On 4 hourly chart, MCX Copper has formed Double Top pattern on high levels & given breakout from the crucial level of 452. Moreover, Price has sustained below its 21 EMA, which indicate short term down trend. In addition, RSI (14) has fallen from its overbought zone on the daily chart. Based on the above analysis, we suggest selling view in the counter and it may move down towards 433.
On the weekly chart, MCX Crude Oil price has given the breakout of the trendline & closed above the psychological level of Rs. 3500. Moreover, Price has traded above its 50 SMA. In addition, NYMEX Crude Oil has given the breakout of falling trendline & sustained above on daily chart. Based on the above structure, we expect Crude Oil price may move up towards 3570.