Commodity Evening Update: Gold falls; Oil on track for weekly gain

Here are the top two commodities to watch out for the evening.

Dec 06, 2019 10:12 IST India Infoline News Service

Crude Oil
Gold
Gold price has taken support of its rising trend line at 37,960 levels on the hourly chart. Momentum indicator RSI has shown positive crossover on the hourly time frame, which indicates bullishness in the price. Based on the above technical parameters, gold is looking bullish with a potential to reach 38,250. The outlook will change below 37,900 levels.

Crude Oil
Crude Oil price has faced strong resistance of its horizontal trend line at 4220 levels on the hourly chart. Prices is trading below Parabolic SAR indictor on the daily chart, which suggests downside in the price. Based on the above technical parameters, crude oil is looking bearish with a potential to reach 4090. The outlook will change above 4235 levels.

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