MCX Gold price started the session on a soft and remained in a narrow range throughout the day note ahead of FOMC minutes . 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 may act as resistance fore the near term which is currently pegged at 30150.
MCX Silver has remained within a narrow range throughout the day. On the daily chart, MCX Silver has moved above the falling trendline on the daily chart. In addition, price moved above 200 DEMA on the daily chart. In addition, price has moved 38.20% retracement of the previous fall from 41927 to 38710. Moreover, On the daily chart RSI (14) has entered in a bullish crossover. Therefore, the short term trend remains bearish; on the lower end prices may move towards 40650 over the short term.
In daily chart, the MCX Copper price 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.
CRUDE OIL :
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.