COMEX Gold - Prices above resistance line :: Edelweiss

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• Comex gold, on the weekly chart shown above failed to sustain above the downward sloping trendline resistance, indicating a pause in the recent uptrend. Also, prices have broken previous weeks low, suggesting resumption of the downtrend. 14-period RSI also failed to move above 50 mark suggesting bearish momentum for the price. For the day if prices fails to sustain above 1186 and if it breaks 1176 downside is likely to extend further towards 1160.
• MCX gold, on daily chart failed to sustain above previous swing high resulting in a sharp sell-off forming harami cross candlestick pattern. Also, 14-period RSI is now suggesting negative divergence indicating bearish momentum for the price. For the day, a break below 26590 could be an opportunity to go short for the target of 26300, placing stop above 26850.
• MCX Silver on the daily chart as shown above reached previous resistance zone at 39000 level. Also, price formed a stalled pattern, thus indicating reversal. Also, recently price has broken previous swing low indicating further downside for the price. For the day if price fails to breaks 36500 traders can go short for the target of 35700, placing stop above 37100.
• NYMEX Crude oil price as shown on the weekly chart above has broken its major support level around $58. We now expect prices to head towards $50 in the short term. A break below $54 could take prices lower towards $50 in the medium term. We recommend traders to go short on the commodity for the target of $50, placing stop loss above $58.80.
• MCX Copper, as shown on the daily chart above witnessed sharp pullback after testing previous lows at 395 levels. Also, prices formed piercing line candlestick pattern supported by RSI divergence. This suggests reversal of the previous downtrend. Traders can initiate fresh longs on MCX copper above 407 keeping stop loss below Rs. 400 for the target of 417 in the short term.  

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https://www.edelweiss.in/research/COMEX-Gold--Prices-above-resistance-line/10005343.html