Tuesday, 23 February 2016

Daily Commodity Gold and Silver Updates

Daily Commodity Updates On

As expected MCX GOLD prices moved lower and achieved our short term target of 29100 levels. Technically, it suggests that prices have breached crucial short term trendline levels at 28850 levels. The COMEX Gold price has completed a “Bearish CYPHER Harmonic Pattern” at 1260 levels. The momentum indicator RSI is trading below 50 levels on hourly chart which gives negative confirmation to the prices. For now we expect prices should move lower towards 28550 levels in the coming trading sessions.


Channel pattern breakdown is visible in MCX SILVER prices at 37011 levels on hourly. Counter is trading below its trendline resistance, which adds more bearish bias. Prices are trading below 60 EMA. The momentum indicator RSI has been taking resistance of falling trend line at 50 levels which gives negative confirmation to the prices. For now we expect silver prices to move lower towards 36150 levels in few trading sessions.

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