MARKET OUTLOOK OF COMMODITY 22 FEB 2016

GOLD: Above is MCX Gold daily chart. After giving pullback till 28425 in early of the last week, prices gained again above 29650 levels. However, RSI is suggesting weakening momentum. Hence, prices are expected to correct down till 28425-28025 levels before further move above 29650 levels.

SILVER: Above is MCX Silver daily chart. After making high above 38500, prices corrected till 36780 levels. However, it gained again upside till 37750 levels. Furthermore, prices are expected to give deep correction before further upside. On the downside, immediate support is located at 36780 and 36390 levels. Negative crossover on RSI suggests bearish trend in this week.

CRUDEOIL: Above is daily chart of MCX Crude oil. It suggests that prices are still trading under pressure. On the upside, it needs to cross 2365 and 2460 to turn its medium term trend. However, break of 2125 will take it through 1990 and 1950 levels. Hence, in this week prices are expected to give breakout on either side.