Commodity Mantra Morning Update: All commodities retreated from the recent highs

Here is our technical view on Commodities.

Oct 23, 2020 07:10 IST India Infoline News Service

Commodities
Gold
MCX Gold price slipped to a lower level where it found support around 50,550 before closing a bit higher. The hourly RSI is in positive crossover and rising. On the lower end support seen at 50,500 while on the higher end resistance seen at 51,000.

Crude Oil
MCX Crude oil price has moved above the previous swing high on the hourly chart. The hourly RSI is in a negative crossover. On the lower end support seen at 2,950 while on the higher end resistance seen at 3,060.

Base Metal
MCX Copper price has witnessed a heavy selling pressure which led to falling towards 528. The hourly RSI is in a negative crossover. On the lower end support seen at 524 while on the higher end resistance seen at 535.

Related Story