19 February 2016

MARKET OUTLOOK OF COMMODITY 19 FEB 2016

Gold gave up some of its sharp overnight gains on Friday, but held above $1,200 an ounce as a drop in equities stoked fresh safe-haven demand for the metal. Asian shares slipped from near three-week highs on Friday, following a drop in U.S. equities overnight that snapped a three-day rally. Gold is also being bolstered by rising speculation that the Federal Reserve would not be able to hike U.S. interest rates due to concerns about the economy. MCX Gold Apr is currently trading at 29387. It is trading up by 78 points for the day. MCX Silver Mar is currently trading at 37469. It is trading down by 53 points.
Gold: The above is hourly chart of Gold. It suggests that prices are expected to correct down before further upmove. Hence, there is possibility of down move till 29085 levels. On the upside, immediate resistance is located at 29450 levels.
Silver:The above is hourly chart of Silver. It suggests that prices are likely to retest lower support of 37050 levels. On the upside, immediate resistance is located at 37760 levels.
Crude Oil :The above is hourly chart of Crude Oil. It suggests that RSI has made lower highs vis a vis higher highs and lows in prices. However, it is exected to hold above crucial support of 2020 and gain upside till 2190 levels.
Natural gas:Above is hourly chart of Natural gas. It suggest that prices are making lower highs and lows. Hence, it is expected to correct down till trendline support of 122.60 levels. On the upsied, immediate resistance is located at 131.35 levels.

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