Commodity Outlook

After taking support at 200 DMA, natural gas made bullish candle indicating bulls trying to stage comeback

With fresh lockdown from the UK and more lockdown appearing in European countries, demand for crude is likely to take hit during Christmas season

Silver has risen twice as sharply as gold and so as a result, the gold/silver ratio has dropped to 76, its lowest level since the beginning of the month

It seems that a near term top has been established in aluminum and we might see pullback till levels of 158 before uptrend resumes

Gold made 'Hammer' candlestick in the month of November after slipping 5.4 per cent and has now bounced back

Both silver and gold are headed to basement after strong US and Europe's economic data

Rising coronavirus cases, especially in Europe, are keeping gold supported, more so because of the possible economic fallout

Copper is already trading above its important moving average of 20 and 50 DMA but the breakout from the range has given new direction to Copper

On the daily scale, Zinc has witnessed a crossover of 20 and 50 EMA, suggesting fresh sign of bullishness

Crude oil has made 'Piercing line' candlestick pattern on daily scale, which has bullish implementation

Natural Gas has given sell crossover of 20 and 50 EMA on daily scale

Silver is in weak territory as it has breached $26 and now next support comes at $22

Negative divergence (RSI_14) on daily scale is being seen in Copper since July-end

Crude oil has breached its range of 3,130-3,230 with volumes

Copper prices are far from 20 DMA and, historically, we have seen mean reversion happens when prices run too far from 20 DMA

Copper has made 'harami' candlestick pattern on daily scale which is a sign of reversal

Natural Gas has breached its previous resistance of 163

On MCX, next target for Gold comes around Rs 52,000 where it will see some pullback as it has rallied one way in relative short period of time

There is a negative divergence in RSI_14 on Crude oil's daily scale

Soybean is trading at Rs 3,717 per quintal at the benchmark Indore market