Gold
MCX gold price has shown negative movement form higher levels during Wednesday’s session and closed at 40,120 levels. Gold price has given breakdown of its horizontal trend line at 40,550 levels on the hourly chart. MCX Gold price has given breakdown of its rising trend line on the hourly chart at 40,400. In addition, gold price is trading below its Super trend indicator, which suggests short term trend remains down. Momentum indicator MACD has given negative crossover on the hourly chart, which also indicates the downside move in the prices. Momentum indicator RSI has moved below 60 levels on the hourly chart, which also supports our bearish view in the commodity. Based on the above technical parameters, gold is looking bearish with a potential to reach 39,800.
Crude Oil
MCX Crude Oil price has moved lower during the day and closed at 4,290 level. The price has given breakdown of lower band of rising channel at 4,440 levels on the hourly chart. MCX Crude Oil price is trading below its Parabolic SAR on the hourly chart. The Momentum indicator RSI has shown negative crossover on the hourly time frame, which indicates possibilities of more downside in the prices. Crude oil price has given breakdown of horizontal trend line at 4,480. Based on the above technical parameter, MCX Crude Oil is looking bearish with a potential to reach 4,200.
Base Metals
Metal prices opened on mixed note on Wednesday’s session. Aluminium price has given breakout of its falling trend line at 138.50 levels on the hourly chart, while Lead price has faced resistance of its falling trend line at 153.40 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 1,040 levels on the hourly chart. Zinc price has faced resistance of its falling trend line at 184.50 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 452 levels. Based on above technical parameter, MCX Copper is looking bearish with a potential to reach 443.
MCX COMMODITY TIPS FREE
MCX gold price has shown negative movement form higher levels during Wednesday’s session and closed at 40,120 levels. Gold price has given breakdown of its horizontal trend line at 40,550 levels on the hourly chart. MCX Gold price has given breakdown of its rising trend line on the hourly chart at 40,400. In addition, gold price is trading below its Super trend indicator, which suggests short term trend remains down. Momentum indicator MACD has given negative crossover on the hourly chart, which also indicates the downside move in the prices. Momentum indicator RSI has moved below 60 levels on the hourly chart, which also supports our bearish view in the commodity. Based on the above technical parameters, gold is looking bearish with a potential to reach 39,800.
Crude Oil
MCX Crude Oil price has moved lower during the day and closed at 4,290 level. The price has given breakdown of lower band of rising channel at 4,440 levels on the hourly chart. MCX Crude Oil price is trading below its Parabolic SAR on the hourly chart. The Momentum indicator RSI has shown negative crossover on the hourly time frame, which indicates possibilities of more downside in the prices. Crude oil price has given breakdown of horizontal trend line at 4,480. Based on the above technical parameter, MCX Crude Oil is looking bearish with a potential to reach 4,200.
Base Metals
Metal prices opened on mixed note on Wednesday’s session. Aluminium price has given breakout of its falling trend line at 138.50 levels on the hourly chart, while Lead price has faced resistance of its falling trend line at 153.40 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 1,040 levels on the hourly chart. Zinc price has faced resistance of its falling trend line at 184.50 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 452 levels. Based on above technical parameter, MCX Copper is looking bearish with a potential to reach 443.
MCX COMMODITY TIPS FREE
No comments:
Post a Comment