Commodity Mantra Morning Update: All commodities trade higher

Here is our technical view on Commodities.

Apr 16, 2021 07:04 IST India Infoline News Service

Commodities
MCX Gold moved above previous swing high on the hourly chart which suggests rise in optimism. The momentum indicator, RSI (14) is in positive crossover. The short term bias remains bullish. The daily RSI is in a negative crossover. The bullishness in the price may continue in Gold as long as price sustains above 47000. On the higher end resistance seen at 47400-47500 whereas on the lower end supports are placed at 46900-47000.
  
MCX Crude Oil price has been consolidating after a strong up move. The hourly RSI is in positive crossover. Going forward, the bias is likely to remain positive as long as price sustains above 4700; on the higher end price may move towards 4950-5000. On the lower end price may find support around 4700/4600.
           
MCX Copper price has moved above previous consolidation high on the hourly chart indicating continuation of bullishness in the short term. Daily RSI is in positive crossover. The trend may remain positive as long as price sustains above 700. On the higher end resistance seen at 725. A decisive breakout above 725 may induce further rally towards 740/760.
           

Related Story

Open Free Demat Account (Rs699)