On a weekly chart, MCX Gold price has been moving within a channel formation; where it has traded near the upper line of the channel, which may act as resistance zone for the prices in upcoming days. Moreover, 50 week DEMA has also supported the prices to move upward. In addition, A momentum indicator RSI (14) and MACD has moved upward with positive crossover. So based on the above analysis, we expect more bullish move in the counter for upcoming days.
On the daily chart, COMEX Silver has bounced from lower Bollinger band formation; which act as support for the prices. Moreover, price has also moved above 61.8% retracement level; which is a another support confirm the bullish move in the counter. In addition, MCX Silver has been hovering within a symmetrical triangle formation on the weekly chart; which is a indecisive formation. note. So based on the above analysis, we are expecting recovery in MCX Silver prices.
MCX Copper has shown continue down fall for entire week; where it has crashed around -3.51% in a week. Overall, price has given rising wedge formation breakdown; which informed bearish trend for near term. Moreover, A momentum indicator RSI (14) and MACD has seen negative on daily charts; which explain bearishness in the counter. Based on the above technical parameter, we expect bearish move in MCX copper April future
On the daily chart MCX Zinc has been falling down from last couple, where it has sustained below 61.8% retracement levels, which act as resistance zone for the prices. Moreover, Price has been hovering near lower Bollinger band formation; which gives further support to downtrend. On the other hand, momentum indicator RSI (14) and MACD is in bearish mode with negative crossover. So based on the above technical studies, we expect bearish move in MCX Zinc March future.
Crude Oil prices boosted to a month high on Monday, amid news that the OPEC and Russia is considering extending production cuts into 2019. On the daily chart, Crude oil price has given “Symmetrical Triangle” breakout and sustained above it; which confirms bullish rally will continue further. Moreover, RSI and MACD is in bullish trend; which will keep the prices upward. Based on above studies we can expect a bullish movement in MCX Crude Oil price
On a weekly chart, MCX Natural Gas price has been moving between two consecutive trend line; where prices has traded near the lower line and falling down from last two weeks after showing a small recovery. Moreover, prices has sustained below 50 DEMA on weekly chart; which suggest bearish trend for near term. Furthermore, A momentum indicator RSI (14) is a witness of downward trend with negative crossover. Based on above technical studies, we expect bearish move in the MCX Natural Gas price.