TODAY COMMODITY MARKET TREND AND LEVELS OUTLOOK 09 OCT 2017.

COMMODITY OPENING BELL

Bullion - Opens on positive Note Gold -29690-29700 Silver -39920-39950
Energy - Opens on negative Note Crude Oil -3238-3240 Natural Gas -187.80-188
Base Metals - Opens on negative Note Copper -437.30-437.50 Nickel -698.50-699 Lead -164.10-164.50 Zinc - 213.60-213.80 Aluminium -139.60-139.70

COMMODITY MARKET NEWS

On the daily chart, MCX Gold has given a rising trend line breakdown and trading below it, which indicates reversal of the earlier trend. In addition, price has been remaining below the 21 EMA on the daily chart which again a bearish set up. Therefore we will keep our bearish view based on the above technical and expect that the short term trend will remain bearish; on the down side price may slip towards 29000.

On the daily chart, MCX Silver has sustained below the rising trend line, which indicates the near term weakness. Moreover, price has sustained below 21 EMA on the daily chart, which suggest weakness going forward. Therefore, the short term trend remains bearish; on the lower end prices may move towards 38700 over the short term.

In daily chart, the MCX Copper price has moved up above the range bound pattern. Moreover, price has moved above 21 EMA in the daily chart which suggests waning bearishness in the commodity price. In addition, daily RSI is in bullish crossover and rising. Based on the above analysis we can come out with a view that MCX Copper may recover upward from the current level; on the higher end price may reach towards 445 levels over the short term.