1 April 2016

TECHNICAL ANALYSIS OF COMMODITY FOR 1 APRIL 2016

GOLD: As expected MCX Gold prices have achieved our short term target of 28630. Counter is trading below its trend line resistance as well as it has has hold 61.8% Fibonacci retracement from its previous bearish move. Moreover, MCX Gold prices are trading below its 100 EMA on hourly chart. The momentum indicator RSI has hold its resistance at 60 levels on hourly chart which add bearishness in the prices. For now we expect prices should move lower towards 28150 levels in the coming trading sessions.
SILVER: MCX Silver prices after witnessing breakdown from symmetrical triangle pattern on hourly chart is able to sustain below its trend line resistance at 36920 levels. On the other hand MCX Silver prices are trading below its 60 EMA on hourly chart. The momentum indicator RSI has drift below 50 levels on hourly chart which add bearishness in the prices. For now we expect prices to move lower towards 35550 levels in few trading sessions.
Fundamental News:   
  • Gold prices rose in Asia on Wednesday as Fed chief Janet Yellen painted a more dovish picture on the path of interest rate hikes compared to recent statementsfrom colleagues.  
  • Gold futures extended gains from the prior session in European trade on Wednesday, rising to a one-week high as investorsscaled back expectationsfor how soon and how far U.S. interest rates might rise this year.  
  • Gold futures edged lower in North American trade on Wednesday, after data showed U.S. non-farm private employment rose more than expected in March, boosting optimism over the health of the labor market.  
  • Yellen's comments also contradict a wave of hawkish remarks from several of her colleagues last week, who argued that the Fed should implement multiple rate hikes before the end of the year amid rising inflation and sharp declines in the dollar. Last week in an unexpected development, St. Louis Fed president James Bullard, Philadelphia Fed president Patrick Harker and San Francisco Fed president John Williams all supported further tightening measures from the U.S. central bank in the coming months.

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