Gold
On Thursday, gold prices moved up marginally due to delay in interim trade deal. Spot Gold was trading up at $1,463, whereas Comex Gold Future was trading up 0.03% at $1,463.75/ounce.
MCX gold price has shown positive momentum from lower levels last session and closed around 38,090 levels. Gold price has taken support of horizontal trend line at 37,900 levels on the hourly chart. Gold price has given breakout of its horizontal channel pattern on the hourly chart at 37,850 levels. Momentum indicator RSI has moved above 60 levels on the hourly chart, which suggests possibilities of upside in the price. On the other hand, gold price has remained above its Parabolic SAR indicator on the daily chart, which also supports our bullish view in the commodity. Based on above technical parameters, gold is looking bullish with a potential to reach 38,400.
Oil
On Thursday, oil prices slipped as US stock pile rose. Brent Crude was down 0.34% at 62.55 whereas West Texas Intermediate (WTI) crude was up 0.44% at $57.36.
MCX Crude Oil price has shown positive momentum from lower levels in the last day and closed at 4,139 levels. Crude oil price has taken support its rising trend line at 4,065 levels on the hourly chart. The Momentum indicator RSI has moved above 60 levels on the hourly chart, which indicates possibilities of bullishness in the prices. Crude oil price is trading above its super trend indicator on the hourly chart. Crude price is trading above of its Parabolic SAR on the hourly chart. Based on the above technical parameters MCX Crude Oil is looking bullish with a potential to reach 4,195.
Base Metals
On Thursday, base metals were trading mostly with positive bias. On London Metal Exchange (LME), Aluminium was up 0.25% at $1,770.75, whereas Copper was up 0.27% at $5,847.50. Zinc was down 0.09% at $2,429, while Lead was up 0.36% at $2,045.50.
On Thursday, gold prices moved up marginally due to delay in interim trade deal. Spot Gold was trading up at $1,463, whereas Comex Gold Future was trading up 0.03% at $1,463.75/ounce.
MCX gold price has shown positive momentum from lower levels last session and closed around 38,090 levels. Gold price has taken support of horizontal trend line at 37,900 levels on the hourly chart. Gold price has given breakout of its horizontal channel pattern on the hourly chart at 37,850 levels. Momentum indicator RSI has moved above 60 levels on the hourly chart, which suggests possibilities of upside in the price. On the other hand, gold price has remained above its Parabolic SAR indicator on the daily chart, which also supports our bullish view in the commodity. Based on above technical parameters, gold is looking bullish with a potential to reach 38,400.
Oil
On Thursday, oil prices slipped as US stock pile rose. Brent Crude was down 0.34% at 62.55 whereas West Texas Intermediate (WTI) crude was up 0.44% at $57.36.
MCX Crude Oil price has shown positive momentum from lower levels in the last day and closed at 4,139 levels. Crude oil price has taken support its rising trend line at 4,065 levels on the hourly chart. The Momentum indicator RSI has moved above 60 levels on the hourly chart, which indicates possibilities of bullishness in the prices. Crude oil price is trading above its super trend indicator on the hourly chart. Crude price is trading above of its Parabolic SAR on the hourly chart. Based on the above technical parameters MCX Crude Oil is looking bullish with a potential to reach 4,195.
Base Metals
On Thursday, base metals were trading mostly with positive bias. On London Metal Exchange (LME), Aluminium was up 0.25% at $1,770.75, whereas Copper was up 0.27% at $5,847.50. Zinc was down 0.09% at $2,429, while Lead was up 0.36% at $2,045.50.
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