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

Here is our technical view on Commodities.

Apr 28, 2021 07:04 IST India Infoline News Service

MCX Gold remained choppy throughout the trading session. On the daily chart, a small bodied bearish candle has formed. The hourly RSI (14) is in negative crossover. The short term bias remains bearish as price sustained below 47700. On the lower end support seen at 47000. On the higher end resistance at 47700.
MCX Crude Oil price remained sideward during the day before ending flat at the end. 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 4600.
MCX Copper price witnessed another day of positive trades. On the daily chart, price sustained above previous swing high. Daily RSI is in positive crossover. The trend may remain positive as long as it sustains above 755. On the higher end resistance seen at 770/780.

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