Commodity technical outlook for November 23, 2017
Yesterday, we saw some pullback in bullions where prices inched higher after forming bullish candlesticks on hourly charts. Prices have managed to give close above their resistance levels. We expect gold prices to remain bullish in coming sessions. In today’s session, gold can head higher towards 29,650 while silver can move towards 40,000 marks.
Crude Oil gave a gap up opening in the last trading session however it faced selling pressure near 3,770 levels. Crude Oil managed to close near the important support level of 3,740 levels. Hourly close below the prescribed support level can drag the prices lower towards 3,700 levels. Natural Gas extended the losses in last trading session. However, the trend remains bearish for natural gas. Buying would be recommended only if prices go above 194.30 levels.
Base Metals were trading sideways in a small range. Copper is on a verge of giving a breakout. It is currently trading near the important resistance level of 450. On the hourly chart, RSI is also above 60 marks indicating high momentum in the prices. If copper manages to give a daily close above the mentioned level, Copper can rally towards 455 levels.