COMMODITY OUTLOOK FOR 27-28 DEC 2016

Gold:  On Hourly chart, MCX Gold price has given breakdown of its rising channel pattern at 27040 levels. Furthermore, COMEX Gold prices have been trading below its falling trend line at $1140 levels on hourly chart. Moreover, Momentum Indicator MACD is trading below its signal line on hourly time frame which indicates the possibilities of further downside in the prices. For now we expect prices should move lower towards 26600 levels in the coming trading sessions.

	R2	R1	S1		S2	TREND
GOLD	27500	27350	27250		27150	SIDEWAYS

Silver: On 4 hourly chart, MCX Silver price has given breakdown of its falling wedge pattern at 39080 levels. On the other hand, prices are trading below 50 HEMA. Furthermore, COMEX Silver price has given breakdown of its horizontal trend line at $16 levels on hourly chart. In addition, momentum indicator MACD has given negative crossover on 4 hourly chart, which indicates lack of strength in the prices. For now we expect prices to move lower towards 37600 levels in few trading sessions.

	R2	R1	S1		S2	TREND
SILVER	39550	39450	39200		39000	SIDEWAYS

CRUDEOIL: MCX Crude Oil prices has been trading in rising wedge pattern and taking support of its lower band of wedge pattern at 3550 levels on hourly chart. MCX Crude Oil is trading above its 100 HEMA on hourly chart. On the other hand, NYMEX WTI Crude oil price has taken support of its rising trend line at $52.40 levels. Moreover, Momentum indicator RSI is trading above 50 levels on hourly chart which suggest the positive movement in the prices. For now we expect prices to move higher towards 3710 levels in coming trading sessions.

	R2	R1	S1		S2	TREND
CRUDEOIL	3700	3650	3600		3550	SIDEWAYS