Weekly Commodity View: Gold, crude oil appear bullish

Here is our weekly techinical view of commodities.

Jan 24, 2020 10:01 IST India Infoline News Service

Commodities
MCX Gold
 
MCX Gold price has given breakout of upper band of its rising channel pattern at 39,700 levels on daily chart. On daily chart, gold has moved above Parabolic SAR indicator, which indicates that the trend remains bullish. MCX Gold price is trading above its 50-day exponential moving average on the daily chart, which suggests near term trend remains positive. COMEX Gold price has given breakout of its rising trend line at $1550 levels on the daily chart. Moreover, momentum indicator MACD has also given positive crossover on the daily chart. Based on above technical parameter, MCX Gold is looking bullish with a potential to reach 41,700.
 
MCX Crude Oil
 
MCX Crude Oil price has taken support of falling channel pattern at 3,910 levels on the daily chart. In addition, crude oil price has support of its long term rising trend line at 3,900 on the daily time frame. Momentum oscillator RSI has shown positive crossover on the daily time frame, which indicates upward movement in the price. NYMEX WTI Crude Oil has taken support of its crucial support trend line $54.80 levels on the daily chart. Furthermore, momentum indicator CCI has given positive crossover on the daily chart. Based on above technical parameter, MCX Crude Oil is looking bullish with a potential to reach 4,120.

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