MCX Gold price started on a gap note and remained mostly sideward throughout the session. In addition, price has not broken the 200 DEMA rather it found support above it and moved up higher. Moreover, On the daily chart RSI (14) has entered in a bullish crossover. Therefore we will expected a pullback in the MCX Gold; on the higher end price may move towards 29900 in the near term.
Gold prices traded on consolidation mode and has broken resistance slope line at $1280(29600) followed by “Falling Wedge Pattern”. Currently, prices are expected to move towards at $1295-1303(29850-30050) level.
In this pattern, the current trend seems like a sideway market, but as per the channel breakout, we can expect a small bouncing momentum towards $ 1300(30000) levels in the upcoming days. Alternately, if the market breaks out the Channel’s Support line, then the further rally would be very bearish.
On the daily chart, MCX Silver has moved back above 200 DEMA. In addition, price has found support at the 50% retracement of the previous rise from 35460 to 41927. 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 38700 over the short term.
In daily chart, the MCX Copper price has moved up above the range bound pattern. Moreover, price has moved above 21 EMA in the daily chart which suggests waning bearishness in the commodity price. In addition, daily RSI is in bullish crossover and rising. Based on the above analysis we can come out with a view that MCX Copper may recover upward from the current level; on the higher end price may reach towards 445 levels over the short term.
Price has made a double top at 3474 and slipped lower levels on the back of continuous supply. In addition, price has witnessed a false breakout of a falling trend line which may attract more selling going forward. Moreover, daily RSI has given a rising trendline breakdown on the daily frame which suggest near term weakness in the price. Based on the above analysis we can come out with a view that Crude price may slip towards 3100 over the short term.
Crude oil prices are likely to hit upper slope line which is a Falling Wedge Pattern. Resistance line holds at 50.25 levels (3282). A break above and close of an hourly candle could extend the rally towards $51(3333).
It is expected to move up to a limited level only, more resistive at $50 level which is a psychological barrier. There could be a high chance to take new short position again. Selling pressure is expected to move towards $49-47 level (3200-3075).