MCX Gold Price Rockets to New All-Time High: Bullish Momentum Intact
MCX Gold price witnessed a significant gap up opening today, indicating a strong bullish short-term trend. The formation of a new all-time high at ₹93,376 (upper channel line) reinforces the bullish sentiment in the market. The appearance of a “Rising window” candlestick pattern further suggests a continuation of the uptrend. Price is currently finding trendline support at ₹92,463, which is acting as a crucial level to prevent further declines. Sustaining above this support level could signal continued bullish momentum with potential upside targets at ₹93,924 and ₹95,174 in the near term. The bullish outlook is further strengthened by a positive crossover in the MACD indicator, suggesting the upward trajectory is likely to persist.
MCX Gold Price Rockets to New All-Time HighMCX Natural Gas Price Plummets Amid Bearish Signals
Yesterday's trading session saw MCX Natural Gas prices experience a sharp downward movement of -6.14%. The formation of lower highs and lower lows within a falling channel, coupled with a downward trendline breakdown, strongly suggests a bearish outlook for this commodity. The price has recently broken below a significant support level at ₹313 (50-day EMA). If the price remains below ₹313, potential downside targets could be ₹289 (lower channel line) and ₹278 (200-day EMA) in the near term. The key resistance level to watch is at ₹327. Adding to the bearish sentiment, the negative crossover in the MACD indicates that the bearish momentum is likely to continue.
MCX Natural Gas Price Plummets Amid Bearish SignalsMCX Copper Price Gains Momentum with Bullish Breakout Potential
MCX Copper price opened with a positive gap of (+1.23%) today, reflecting a bullish outlook in the market. The formation of higher highs and higher lows indicates strong bullish sentiment. The metal price is currently trading near its important resistance level at ₹838 (200-day EMA). If the price successfully breaches above this ₹838 level, it is likely to target further gains towards ₹843 and ₹870 in the near term. The key support level is identified at ₹822. Supporting the bullish momentum in the upcoming trading sessions, the MACD indicator is anticipated to give a positive crossover.
MCX Copper Price Gains Momentum with Bullish Breakout Potential