Gold
MCX Gold prices edged higher in evening trades on Thursday after U.S. economic data but overall prices are still in pressure. On the daily chart, Gold has given breakdown of rising wedge pattern; which indicate bearish reversal for near term. Moreover, price has reversed from 50 days SMA; which act as resistance zone for the prices. Furthermore, momentum indicator RSI (14) and MACD has shown bearishness with negative crossover. On the other hand, COMEX Gold has sustained near $1300 levels. Therefore, we expect sideways to bearish movement in MCX Gold prices.
Crude oil
Oil prices rebounded on Thursday as crude oil inventories fell by 3.620 million barrels in the week ended May 25. On daily chart MCX Price has given rising channel breakdown and sustained below it. Moreover, price has tested upper Bollinger Band formation and retreated from there. Furthermore, price has also sustained below 21 days SMA on daily chart. In addition, momentum indicator RSI has slipped form overbought zone and shown negative crossover. So based on the above analysis, we expect bearish movement in the Crude oil towards 4450.
Natural Gas
MCX Natural Gas price has rebounded on Thursday after a long correction in prior two days. On the daily chart, price has been trading within a channel formation and moved back to test upper line of the above formation. Moreover, price has sustained above 21 days SMA; which indicate bullish moves. Furthermore, a momentum indicator RSI (14) and MACD has climbed to upward with positive crossover, which suggest buying opportunity in the counter. So based on the above technical studies, we expect bullish move in MCX Natural Gas prices.
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