Today Commodity Market Technical Outlook : 01/08/2017
GOLD TECHNICAL OUTLOOK :
Gold prices hold resistance area at $1269 and have taken strong support at $1256. A break of the former high $1271 can be expected today which is now a barrier price. Gold market continues with its bullish pressure, the next move is towards $1283- 1300(29000-29500). This is a result of the cross over moving average where the Long term 100-day moving average of gold prices crosses above the Short term 50-day moving average as seen in the chart. This indicates a bullish momentum. Buy signal is given at $1251(28500). On such occasions, the moving average crossover system can be an effective strategy that can be adopted. The current pattern has taken the formation of “Ascending Broadening wedge “.
The current uptrend continues to push upside rally which is above resistance line at $1300.
CRUDE OIL TECHNICAL OUTLOOK :
Crude oil prices broke out sentiment price at $50, More volatility can be expected today with buying pressure towards $51-52(3250-3333). Support is seen at $49.20(3160)
This resistance place is a key place as this would remain the mid place of overall view. A break above and closure of the candle will lead to fresh horizontal resistance line at 51.93(3333) within a short span of time.
As per the observation, weekly candle closed Marubozu Single long candlestick pattern which is bullish in nature. It may form at the middle of the place as the next rally would be the beginning of trends.
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