Commodity Mantra Morning Update: Commodities remain volatile

Here is our technical view on Commodities.

Apr 20, 2021 07:04 IST India Infoline News Service

MCX Gold remained volatile throughout the session. On the higher end it reached towards 48000; however, profit booking at the higher levels limited the upsides. The momentum indicator, RSI (14) is in positive divergence on the daily chart. The short term bias remains bullish; however, in the very short term price may witness a bit volatility. On the lower end support seen at 47300/47000 whereas on the higher end, resistances are placed at 47700/48000.
MCX Crude Oil price has remained sideward for the session as price consolidates for the third consecutive day. The daily 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 4850. On the lower end price may find support around 4660.
MCX Copper price has moved above previous consolidation on the hourly chart. However, price has found resistance around 730 leading to a correction towards 720. Daily RSI is in positive crossover. The trend may remain positive as long as price sustains above 720. On the higher end resistance seen at 730. A breakout above 730 may induce further rally towards 740/760.

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