Commodity Mantra: Gold price slips, oil and base metals trade higher

Here is the global trend and our view on Commodities.

Nov 01, 2019 08:11 IST India Infoline News Service

Commodities
Gold
On Friday, Gold prices dipped after rising in the previous session on US China trade deal uncertainties. Spot Gold was trading down at $1,510.58 whereas Comex Gold Future was trading down 0.12% at $1,512.95/ounce.
 
MCX gold price has shown positive momentum from lower levels last session and closed at 38,578 levels. Gold price has given breakout of its falling trend line at 38,250 levels on the hourly chart. Gold price has taken support of its horizontal trend line on the hourly chart at 38,350 levels. Gold price is trading above its Parabolic SAR indicator on the hourly timeframe, which indicates more upside in the prices. Momentum indicator RSI has given positive crossover on the hourly chart.

On the other hand, MACD has shown positive crossover on the hourly chart, which also supports our bullish view in the commodity. Based on above technical parameters, gold is looking bullish with a potential to reach 38,700.
 
Oil
On Friday, oil prices rose after correcting in the previous session on global demand concern. Brent crude was up 0.12% at $59.70. West Texas Intermediate (WTI) crude was up 0.19% at $54.37.
 
MCX crude oil price has faced strong selling pressure from higher levels during the last day and closed at 3,853 levels. Crude oil price has taken support its horizontal trend line at 3,820 levels on the hourly chart. The Momentum indicator RSI has moved above from its oversold zone on the hourly chart, which indicates possibilities of rebound in the prices. Momentum indicator MACD has shown positive crossover on the hour chart, which also indicates the positive bias in the prices. Based on above technical parameters MCX Crude Oil is looking bullish with a potential to reach 3,910.
 
Base Metals
On Friday, base metals were trading mostly with positive bias. On London Metal Exchange (LME), Aluminium was flat at $1,757.25, whereas Copper was up 0.62% at $5842.50. Zinc was up 0.26% at $2,4.94.50, while Lead was up 0.61% at $2,171.25.
 
Metal prices opened on a negative note on Thursday’s trading session. Aluminium price has taken support of its rising trend line at 131 levels on the hourly chart, while Lead price has faced resistance of its rising trend line at 158 levels on the hourly timeframe. Momentum indicator RSI has shown negative crossover on the hourly chart, which indicates bearishness in the prices. MCX Nickel price has taken support of rising trend line at 1190 levels on the hourly chart. Nickel prices is trading above its Parabolic SAR, which indicates short term trend remains up. Zinc price has faced resistance of its falling trend line at 190.50 levels, on the hourly chart. Zinc prices is trading below its super trend indicator, which suggests negative momentum in the price. Copper price has given breakdown of its ascending triangle pattern at 440.50 levels during the last session. Based on above technical parameters MCX Copper is looking bearish with a potential to reach 435.

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