GOLD DIPS AS DOLLAR GAINS AHEAD OF FED STATEMENT | TODAY COMMODITY MARKET OUTLOOK 01 NOV 2017.


Bullion - Opens on mixed Note Gold -29120-29150 Silver -38820-38860 

Energy - Opens on positive Note Crude Oil -3533-3536 Natural Gas -188.50-188.70 

Base Metals - Opens on positive Note Copper -448.50-450 Nickel -815-820 Lead -158.30-158.50 Zinc - 213.90-214.40 Aluminium -140-140.25



MCX Gold has shown negative strength in last trading session and slipped from 38.2 retracement level, which suggest down trend will continue further. In addition, on the daily chart RSI (14) has entered into bearish zone, , which gives more weightage to prices move down. Based on the above technical studies, we expect further downward movement in MCX Gold with a potential price of 29000.

MCX Silver has given the breakout of rising trendline & traded below the psychological level of Rs.39000. Moreover, COMEX Silver has failed to sustain above $17 levels. In addition, RSI (14) has slipped below the support line. Furthermore, Price has traded below 21EMA in daily chart, which suggest near term down trend in the counter. Based on the above studies we expect bearish move in MCX Silver and on the lower end price may move towards 38300

MCX Copper has given breakout of “Double Top” pattern & traded below the crucial level of Rs. 452. Moreover, Price has sustained below its 21 EMA, which indicate short term down trend. I

MCX Crude Oil has given the breakout of the trendline & traded above the psychological level of Rs. 3500. Moreover, Price has traded above its 21 SMA, which intimates short term bullishness. In addition, NYMEX Crude Oil has given the breakout of falling trendline & sustained above the previous range on daily chart. Based on the above structure, we expect Crude oil price may move up towards 3570. M

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