Commodity Mantra Morning Update: Gold and oil steady while base metals remain strong

Here is our technical view on Commodities.

Apr 27, 2021 07:04 IST India Infoline News Service

Commodities
MCX Gold remained sideward throughout the day. On the hourly chart, price has consolidated around the previous close. The hourly RSI (14) is in negative crossover and falling. The short term bias looks bearish as long as price sustains below 47700. On the lower end support seen at 47000. On the higher end resistance at 47700/48000.
  
MCX Crude Oil price remained volatile during the day before ending around the previous close. The hourly RSI is in positive crossover. The bias looks sideward; a decisive move above 4720 may induce a rally towards 4900. On the lower end price may find support at 4550.
           
MCX Copper price remained positive throughout the session. On the daily chart, price moved above previous swing high. Daily RSI is in positive crossover. The trend may remain positive as long as it sustains above 740. On the higher end resistance seen at 760/770.
           

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