Weekly Commodity View: Gold prices turn bearish, crude oil bullish

Here is our weekly techinical view of commodities.

Dec 08, 2019 05:12 IST India Infoline News Service

Gold ingots
Gold

MCX Gold price has faced resistance of upper band of its descending triangle pattern at 38,600 levels on daily chart. On daily chart, gold has moved below Parabolic SAR indicator, which indicates trend remains down. MCX Gold prices is trading below its 50-day exponential moving average on the daily chart, which suggests near term trend remains bearish. COMEX Gold price has faced strong resistance of its falling trend line at $1495 levels on the daily chart. Moreover, momentum indicator MACD has also given negative crossover on the daily chart. Based on the above technical parameters, MCX Gold is looking bearish with a potential to reach 37,300.

Crude Oil 

MCX Crude Oil price has taken support of lower band of rising channel pattern at 3,920 levels on the daily chart. In addition, crude oil price has given breakout of falling trend line at 4,040 levels on the daily time frame. Momentum oscillator RSI has shown positive crossover on the daily time frame, which indicates uptrend in the price. NYMEX WTI Crude oil has given breakout of its rising trend line $57.80 levels on the daily chart. Furthermore, momentum indicator MACD has given positive crossover on the daily chart. Based on the above technical parameters, MCX Crude Oil is looking bullish with a potential to reach 4,300.

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