Commodity Evening Update: Gold steady; Oil drops

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

Nov 21, 2019 10:11 IST India Infoline News Service

Gold
Gold price has faced resistance of its falling trend line at 38200 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 above technical parameters, gold is looking bearish with a potential to reach 37800. The outlook will change above 38220 levels.

Crude Oil
Crude oil price has faced resistance of its rising trend line at 4130 levels on the hourly chart. Momentum indicator MACD has given negative crossover on the hourly chart, which suggests downside in the price. Based on above technical parameters, crude oil is looking bearish with a potential to reach 4050. The outlook will change above 4140 levels.

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