Gold
On Monday, gold prices trade higher on surging geopolitical tension in the middle east. Spot Gold was trading up at $1,577.42 whereas Comex Gold Future was trading up 1.76% at $1,579.75/ounce.
MCX gold price has shown positive movement form lower levels during Friday’s session and closed at 40,130 levels. Gold price has given breakout of its horizontal trend line at 39,800 levels on the hourly chart. MCX Gold price has given breakout of its falling trend line on the hourly chart at 39,550. In addition, gold price is trading above its Super trend indicator, which suggests short term trend remains up. Momentum indicator MACD has given positive crossover on the hourly chart, which also indicates the upside move in the prices. Momentum indicator RSI has moved above 60 levels in on the hourly chart, which also supports our bullish view in the commodity. Based on the above technical parameters, gold is looking bullish with a potential to reach 41,000.
Oil
On Monday, oil prices moved up on the back of tension in the middle east. West Texas Intermediate (WTI) crude was up 2.03% at $64.32, whereas Brent crude was up 2.26% at $70.21.
MCX Crude Oil price has moved lower during the day and closed at 4,512 level. The price has taken support of lower band of rising trend line at 4,410 levels on the hourly chart. MCX Crude Oil price is trading above its Parabolic SAR on the hourly chart. The Momentum indicator RSI has shown positive crossover on the hourly time frame, which indicates possibilities of more upside in the prices. Crude oil price has taken support of horizontal trend line at 4,380. Based on the above technical parameters, MCX Crude Oil is looking bullish with a potential to reach 4,660.
Base Metals
On Monday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was down 0.49% at $1,810.50 whereas Copper was up 0.21% at $6,149.50 Zinc was up 0.55% at $2,322 while Lead was flat at $1,917.
Metal prices opened on mixed note on Friday’s session. Aluminium price has faced resistance of its falling trend line at 136 levels on the hourly chart, while Lead price has faced resistance of its falling trend line at 153.50 levels on the hourly chart. Lead price is trading below its 50-day moving average, which supports our bearish view. MCX Nickel price has faced resistance its rising trend line at 1,055 levels on the hourly chart. Zinc price has faced resistance of its falling trend line at 181.50 levels on the hourly chart. Copper price is trading below its Parabolic SAR, which indicates short term trend remains negative. Copper price has faced resistance of its falling trend line at 443 levels. Based on the above technical parameter, MCX Copper is looking bearish with a potential to reach 438.
On Monday, gold prices trade higher on surging geopolitical tension in the middle east. Spot Gold was trading up at $1,577.42 whereas Comex Gold Future was trading up 1.76% at $1,579.75/ounce.
MCX gold price has shown positive movement form lower levels during Friday’s session and closed at 40,130 levels. Gold price has given breakout of its horizontal trend line at 39,800 levels on the hourly chart. MCX Gold price has given breakout of its falling trend line on the hourly chart at 39,550. In addition, gold price is trading above its Super trend indicator, which suggests short term trend remains up. Momentum indicator MACD has given positive crossover on the hourly chart, which also indicates the upside move in the prices. Momentum indicator RSI has moved above 60 levels in on the hourly chart, which also supports our bullish view in the commodity. Based on the above technical parameters, gold is looking bullish with a potential to reach 41,000.
Oil
On Monday, oil prices moved up on the back of tension in the middle east. West Texas Intermediate (WTI) crude was up 2.03% at $64.32, whereas Brent crude was up 2.26% at $70.21.
MCX Crude Oil price has moved lower during the day and closed at 4,512 level. The price has taken support of lower band of rising trend line at 4,410 levels on the hourly chart. MCX Crude Oil price is trading above its Parabolic SAR on the hourly chart. The Momentum indicator RSI has shown positive crossover on the hourly time frame, which indicates possibilities of more upside in the prices. Crude oil price has taken support of horizontal trend line at 4,380. Based on the above technical parameters, MCX Crude Oil is looking bullish with a potential to reach 4,660.
Base Metals
On Monday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was down 0.49% at $1,810.50 whereas Copper was up 0.21% at $6,149.50 Zinc was up 0.55% at $2,322 while Lead was flat at $1,917.
Metal prices opened on mixed note on Friday’s session. Aluminium price has faced resistance of its falling trend line at 136 levels on the hourly chart, while Lead price has faced resistance of its falling trend line at 153.50 levels on the hourly chart. Lead price is trading below its 50-day moving average, which supports our bearish view. MCX Nickel price has faced resistance its rising trend line at 1,055 levels on the hourly chart. Zinc price has faced resistance of its falling trend line at 181.50 levels on the hourly chart. Copper price is trading below its Parabolic SAR, which indicates short term trend remains negative. Copper price has faced resistance of its falling trend line at 443 levels. Based on the above technical parameter, MCX Copper is looking bearish with a potential to reach 438.
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