14 February 2017

COMMODITY OUTLOOK FOR 14-15 FEB 2017

BUY GOLD @ 29100 SL 29000 TGT 29200-29280.

 BUY SILVER @ 42500 SL 42100 TGT 42720-42880.

Gold: Gold price has given a breakout of its Cup & Handle pattern at 28870 levels on the 4 hourly chart. Moreover, MCX Gold prices have been trading above 50 HEMA on the hourly chart. Moreover, Momentum Indicator RSI has shown bullish range shift on the hourly chart. For now, we expect prices should move higher towards 29400 levels in the coming trading sessions.
           
R2
R1
S1
S2
TREND
GOLD
29200
29150
29080
28900
BULLISH
Silver: On the 4 hourly chart, MCX Silver price has given a breakout of its inverted Head & Shoulder neckline at 41980 levels.Moreover, MCX Silver prices have been trading above its 21 HEMA. In addition, momentum indicator MACD has shown positive crossover on the 4 hourly chart, which indicates possibilities of further upside in the prices. For now, we expect prices to move higher towards 43500 levels in few trading sessions.
           
R2
R1
S1
S2
  TREND
SILVER
42680
42570
42350
42000
  BULLISH