Oil Prices Sink More Than 1% Amid Global Market Plunge | Today Commodity Market Outlook 06 FEB 2018.
Bullion - Opens on positive Note Gold -30600-30620 Silver -38900-39100
Energy - Opens on mixed Note Crude Oil -4085-4090 Natural Gas -179-179.50
Base Metals - Opens on negative Note Copper -453-455 Nickel -860-865 Lead -169.20-169.50 Zinc - 226-227 Aluminium -140.60-140.70
COMMODITY MARKET NEWS
MCX Gold price has been in a uptrend for on the four hourly chart. Price has sustained above 200 DEMA which suggests positive trend. However, in the last session price has remained mostly sideward.
MCX Silver has given a breakdown of the a rising channel on the daily chart which signifies the reversal of the previous trend. Moreover, price has slipped below 21 EMA which again suggests growing pessimism in the contract.
On the daily chart of MCX Copper price has given a falling trendline breakout which is a bullish condition. On the daily chart price has given a falling trendline breakout which is a bullish set up.
On the hourly chart price has made an lower top which suggests diminishing optimism in the crude oil. In addition, price slipped below the 200 DEMA on the hourly chart which suggests a short term bearish trend.
MCX Natural Gas price has given a breakdown of a rising expanding wedge which suggests bearish reversal.










0 comments: