Gold
On Tuesday, gold prices slipped from almost 7 years high on easing tension between US-Iran. Spot Gold was trading down at $1,558.87 whereas Comex Gold Future was trading down 0.53% at $1,560.55/ ounce.
MCX gold price has shown negative movement form higher levels during Monday’s session and closed at 40,527 levels. Gold price has given breakout of its horizontal trend line at 39,900 levels on the hourly chart. MCX Gold price has given breakout of its falling trend line on the hourly chart at 39,700. 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 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 40,750.
Oil
On Tuesday, oil prices slipped as US-Iran tension declined. West Texas Intermediate (WTI) crude was down 1.25% at $62.48 whereas Brent crude was down 0.60% at $68.06.
MCX Crude Oil price has moved lower during the day and closed at 4,542 level. The price has taken support of lower band of rising trend line at 4,440 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 4,400. Based on above technical parameter, MCX Crude Oil is looking bullish with a potential to reach 4,600.
Base Metals
On Tuesday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was down 0.33% at $1,826.75 whereas Copper was up 0.30% at $6,162 Zinc was down 0.28% at $2,313 while Lead was up at 0.04% at $1,919.
Metal prices opened on mixed note on Monday’s session. Aluminium price has faced resistance of its falling trend line at 137 levels on the hourly chart, while Lead price has faced resistance of its falling trend line at 157.50 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 of its rising trend line at 1,041 levels on the hourly chart. Zinc price has faced resistance of its falling trend line at 182.50 levels on the hourly chart. Copper price is trading below its Parabolic SAR, which indicates short
On Tuesday, gold prices slipped from almost 7 years high on easing tension between US-Iran. Spot Gold was trading down at $1,558.87 whereas Comex Gold Future was trading down 0.53% at $1,560.55/ ounce.
MCX gold price has shown negative movement form higher levels during Monday’s session and closed at 40,527 levels. Gold price has given breakout of its horizontal trend line at 39,900 levels on the hourly chart. MCX Gold price has given breakout of its falling trend line on the hourly chart at 39,700. 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 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 40,750.
Oil
On Tuesday, oil prices slipped as US-Iran tension declined. West Texas Intermediate (WTI) crude was down 1.25% at $62.48 whereas Brent crude was down 0.60% at $68.06.
MCX Crude Oil price has moved lower during the day and closed at 4,542 level. The price has taken support of lower band of rising trend line at 4,440 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 4,400. Based on above technical parameter, MCX Crude Oil is looking bullish with a potential to reach 4,600.
Base Metals
On Tuesday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was down 0.33% at $1,826.75 whereas Copper was up 0.30% at $6,162 Zinc was down 0.28% at $2,313 while Lead was up at 0.04% at $1,919.
Metal prices opened on mixed note on Monday’s session. Aluminium price has faced resistance of its falling trend line at 137 levels on the hourly chart, while Lead price has faced resistance of its falling trend line at 157.50 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 of its rising trend line at 1,041 levels on the hourly chart. Zinc price has faced resistance of its falling trend line at 182.50 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 447 levels.
Based on above technical parameter, MCX Copper is looking bearish with a
potential to reach 441.
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