MARKET OUTLOOK OF COMMODITY 11 JAN 2016

“BUY CRUDEOIL 2180 TG 2210,2240 SL 2150”

CRUDEOIL:

Above is daily chart of MCX Crude oil. It suggests that prices are trading in typical downtrend channel. It is expected to hold above channel support 2065 levels. On the upside, gain above 2300 will fetch some recovery up to 2570 levels. Hence, bias is likely to turn on the upside.

GOLD:

Above is MCX Gold Oct daily chart. In the last week, prices gained more than 4 percent before ending the week around 26000 levels. In this week, it is expected to continue its bullish momentum upto 26500-26700 levels. On flip side, immediate support is located around 25720 levels.

SILVER:

Above is MCX Silver daily chart. In the last week, after gaining above 34500 levels, prices corrected sharply below 33800 levels. In the near term, prices are expected to trade in wde range of 33050-34620 levels. However, gains above 34620 will open the door towards 35370 levels.