Commodity Mantra Morning Update: Commodities remain volatile

Here is our technical view on Commodities.

Oct 16, 2020 07:10 IST India Infoline News Service

Commodities
MCX Gold price moved above previous swing high on the hourly timeframe, which is a bullish set up. The hourly RSI is in positive crossover. On the lower end, support seen at 50500/50200 while on the higher end, resistance seen at 50850/51100.
MCX Crude oil price remained in a range during the last session which indicates a indecisiveness of the price trend. The hourly RSI is in positive crossover. On the lower end, support seen at 2930 while on the higher end, resistance seen at 3060.

MCX Copper price has moved above previous consolidation high on the hourly chart which suggests a rising bullishness. However, price remained just below the resistance of 532 which was previous swing high on the hourly chart. The hourly RSI is in positive crossover. On the lower end, support seen at 525 while on the higher end, resistance seen at 532.50/536.

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