GOLD COMMODITY :
MCX Gold witnessed another session of sideward movement. On the higher end 21 EMA continued to act as resistance on the daily frame. Currently, price has been hovering within a symmetrical triangle; a breakout on the either side will confirm the future trend. On the other hand, daily RSI (14) is in bearish crossover. Based on the above technical set up and indicators, we are expecting short term fall in MCX Gold price.
SILVER COMMODITY :
MCX Silver has given a symmetrical triangle breakdown on the daily chart which spooked the price towards 38550. In addition, price has been trading below 21 EMA as well as 200 DEMA for the last few days. In addition, RSI (14) is in bearish crossover and has fallen below 50. Based on the above studies, we expect bearish movement in MCX Silver and on the lower end prices may move down towards 38300.
Copper price continues to moves within a falling channel. In addition price has given a rising trendline breakdown which is expected to weigh on copper price movement in the near term. On the lower end price may rest at 200 DEMA which is currently pegged at 432. On the daily chart, RSI (14) is in a bearish crossover. Based on above analysis, we continue to remain bearish in the commodity.
ZINC COMMODITY :
On the daily chart, MCX Zinc has given a symmetrical triangle breakdown which is expected to weigh on Zinc price movement in the near future. Price failed to hold above the 200 DEMA too. It is also observed that price is sustaining below 21 EMA. Daily RSI (14) has come out of oversold zone. Based on the above analysis, we suggest a small recovery in the price and it may move down towards 201.
CRUDE OIL COMMODITY :
MCX Crude Oil price has been trading within a rising channel on the daily frame since early September. During the last trading session price continue to remain weak. A lower top lower bottom formation is formed in the hourly chart of WTI Nymex Crude Oil. In addition, daily RSI (14) continues to remain in the bearish crossover and falling for MCX Crude Oil. Going with the above studies, we expect bearishness in the crude price.
NATURAL GAS :
MCX Natural Gas price found support at the rising trendline on the daily chart which induced a pullback in the price. The broader trend remains weak; however, chances of further pullback can’t be ruled out. The momentum indicator, RSI (14) on the hourly frame has been in a bullish crossover. Therefore, based on above studies we expect further up move in MCX Natural Gas.
NCDEX RMSEED :
NCDEX RM Seed has found strong resistance at the upper Bollinger band which induced a correction towards 4070. In addition price has fallen back below 38.20% retracement levels of previous fall from 5089 to 3508. In addition, daily momentum indicator RSI (14) is facing resistance at the overbought zone. Based on the above technical structure, we recommend downwards move in RM Seed Future.
On the daily chart, NCDEX Soybean has closed 32 points off the session’s high which suggest selling at the higher levels. The proximity to the upper Bollinger band has induced a selling pressure in the last session. During last session price has pared entire previous session’s gain. In addition, daily momentum indicator RSI (14) is facing resistance at the overbought zone. Based on the above technical structure, we recommend downwards move in Soybean Future.