Commodity Evening Update: Gold rises, Crude oil futures slip

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

Dec 11, 2019 10:12 IST India Infoline News Service

Gold
Gold price has taken support of its rising trend line at 37,520 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 37,850. The outlook will change below 37,500 levels.

Crude Oil
Crude Oil price has faced strong resistance of its horizontal trend line at 4250 levels on the hourly chart. Prices are trading below the Parabolic SAR indicator 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 4130. The outlook will change above 4260 levels.

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