Commodity Evening Update: Gold prices fall, crude oil gains

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

Jan 24, 2020 10:01 IST India Infoline News Service

Gold
Gold price has given a breakout of its horizontal trend line at 39,900 levels on the hourly chart. Momentum indicator RSI has shown a positive crossover on the hourly timeframe, which indicates bullishness in the price. Based on the above technical parameters, gold is looking bullish with a potential to reach 40,250. The outlook will change below 39,850 levels.

Crude Oil
Crude oil price has taken support of its rising trend line at 3,920 levels on the hourly chart. Prices are trading above the Parabolic SAR indicator on the hourly chart, which suggests upside in the price. Based on the above technical parameters, crude oil is looking bullish with a potential to reach 4,000. The outlook will change below 3,900 levels.

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