Gold price has traded in narrow range on Wednesday as investors are awaiting for Fed policy meeting. Overall, price has shown further strength on weekly chart as it has traded in channel formation; where it has found the support of lower Bollinger band and 100 week DEMA, which indicate reversal move in the counter. On the other hand, COMEX Gold has also been consolidating between 50*61.8% retracement levels; which could be a support zone for the prices. Therefore, we expect further bullish move in MCX Gold prices and it is likely to trade in the range of 31300-31400.
MCX Silver has traded higher on Wednesday. On the daily chart, prices has witnessed of continue upward rally without enabling a negative candle in prior sessions. Moreover, price has sustained above 21days SMA on daily chart; which suggest positive movement in the prices. In addition, a momentum indicator RSI (14) and MACD has moved to upward direction with positive crossover. So based on the above analysis, we expect bullish movement in Silver for upcoming day.
MCX Copper price has recovered on Wednesday after a two days small correction due to profit booking at higher levels. Overall, prices has sustained above the channel breakout with consolidation, which suggest bullish trend for near term. On the other hand, COMEX Copper has given double bottom breakout on daily chart and sustained above it. Momentum indicator RSI (14) and MACD has retained on upside. So based on the above analysis, we expect bullish movement in MCX Copper
MCX Aluminium has slipped lower on Wednesday and settled below the previous close. On an hourly chart, Price has given trend line breakdown and moved below the previous support of 155.30 levels; which indicate selling pressure in the counter for near term. Moreover, momentum indicator RSI (14) and MACD has shifted into oversold zone with negative crossover; which suggest more bearishness in the prices for upcoming days. So based on the above technical aspect, we recommend bearish view in Aluminium prices
Oil price has boosted up on Wednesday after the positive inventory data but upside was limited as investor looked ahead to the Fed policy decision. On the chart, weekly price has found the support at rising trendline and settled on positive note in earlier trades. Moreover, on daily chart, price has reversed after taking a support of 61.8% retracement level and sustained above it. Moreover, momentum indicator RSI (14) and MACD has shown positive crossover on daily chart. So based on the above structure, prices are expected to trade towards 4600
MCX Natural Gas prices has little recovered in evening trade on Wednesday. On the daily chart, price has been trading in rising channel formation, where it has found the support of lower line of the channel and pulled back form there but from the last four days price has been hovering in the range of 195-201 levels. Furthermore, a momentum indicator RSI (14) has shifted into positive zone with favourable crossover. So based on the above technical studies, we expect bullish move in MCX Natural Gas prices.
NCDEX Jeera has been trading in narrow range from last couple of days. On the daily chart, price has found the support of lower line of the channel formation and moved upward. Moreover, Middle Bollinger band has also supported the prices at lower levels. Furthermore, Price has moved above 21 days SMA, which point out bullish sentiments for near term. RSI (14) has sustained above the falling trendline. So based on the above structure, we expect bullish movement in Jeera towards 16750.
On the daily chart, NCDEX Turmeric has given “Flag Patterns” breakout, which is a bullish continuation patterns and indicate up-trend in the counter. In addition, Turmeric has moved above Middle “Bollinger Band” formation; which act as immediate support for the prices. Moreover, Price has found the support of 61.8% “Retracement Level” of its prior up trend from 6260 to 7700 levels and bounced back from there. So based on the above studies, we expect upward movement in TMC for upcoming days
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