TECHNICAL ANALYSIS OF COMMODITY FOR 1 APRIL 2016

Technical View 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.

Technical View 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.

Technical View CRUDEOIL: The above hourly chart of MCX Crude Oil suggests that prices have given pullback in the corrective mode till 2645 levels. Hence, it is expected to resume downtrend which likely to fall upto 2480 levels. On the other hand, prices are trading below 60 EMA on hourly chart. The momentum indicator RSI has hold trend line resistance at 50 levels on hourly chart which adds negative confirmation to the prices. For now we expect prices to move lower towards 2460 levels in coming trading sessions. Although Crude oil prices managed to open higher on Wednesday, it failed to hold and once again turned lower. Prices have settled just above the key support of 2540. Break down below 2540 will shift the trend to bearish and will draw down till 2425 then 2350.