Commodity Evening Update: Gold prices steady; Oil slips

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

Nov 19, 2019 10:11 IST India Infoline News Service

Gold
Gold price has faced resistance of its falling trend line at 38090 levels on the hourly chart. Momentum indicator RSI has shown negative crossover on the hourly time frame, which indicates bearishness in the price. Based on the above technical parameters, gold is looking bearish with a potential to reach 37780. The outlook will change above 38110 levels.

Crude Oil
Crude oil price has given breakdown of its horizontal trend line at 4110 levels on the hourly chart. Momentum indicator MACD has given negative crossover on the hourly chart, which suggests downside in the price. Based on the above technical parameters, crude oil is looking bearish with a potential to reach 4000. The outlook will change above 4120 levels.

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