Commodity Mantra Morning Update: Gold, Crude in green; Base Metals mostly up

Here is the global trend and our view on Commodities.

Dec 12, 2019 02:12 IST India Infoline News Service

Commodities
Gold
On Thursday, gold moved up as Fed held key rates unchanged. Spot Gold was trading up at $1,465.09 whereas Comex Gold Future was trading up 0.28% at $1,479.15/ounce.
 
MCX gold price has shown positive movement form lower levels during Wednesday’s session and closed at 37,699 levels. Gold price has taken support of its falling channel pattern at 37,500 levels on the daily chart. MCX Gold price has taken support of its falling trend line on the hourly chart at 37,550. In addition, gold price is trading above its 20-day moving average, which suggests medium term trend remains up. Momentum indicator MACD has given positive crossover on the hourly chart, which also indicates the upside move in the prices. Momentum indicator RSI has moved above 40 levels in on the hourly chart, which also supports our bullish view in the commodity. Based on the above technical parameters, gold is looking bullish with a potential to reach 37,900.     
 
Oil
On Thursday, oil prices moved into the green following an announcement of supply dip by OPEC. Brent crude was down 0.22% at $63.97. West Texas Intermediate (WTI) crude was down 0.20% at $58.88.
 
MCX Crude Oil price has moved lower during the day and closed at 4,156 level. The price has faced resistance of its falling trend line at 4,200 levels on the hourly chart. MCX Crude Oil price is trading below its Parabolic SAR on the daily chart. The Momentum indicator RSI has given negative crossover on the hourly time frame, which indicates possibilities of more downside in the prices. Crude oil price has faced resistance of horizontal trend line at 4,210. Based on the above technical parameters, MCX Crude Oil is looking bearish with a potential to reach 4,080.
 
Base Metals
On Thursday, base metals were trading mostly with positive bias. On London Metal Exchange (LME), Aluminium was up 0.03% at $1,761 whereas Copper was down 0.07% $6,140. Zinc was up 0.80% at $2,243.50, while Lead was up 0.04% at $1,934.75.
 
Metal prices opened on mixed note on Wednesday’s session. Aluminium price has faced resistance of its falling trend line at 133.80 levels on the hourly chart, while Lead price has given breakout of its falling trend line at 153 levels on the hourly chart. Lead price is trading above its 50-day moving average, which supports our bullish view. MCX Nickel price has given breakout of its horizontal trend line at 1,000 levels on the hourly chart. Zinc price has taken support of its horizontal trend line at 180.80 levels on the hourly chart. Copper price is trading above its 50-day moving average, which indicates short term trend remains positive. Copper price has given breakout of its falling trend line at 436.50 levels. Based on above technical parameter, MCX Copper looking bullish with a potential to reach 445.

Related Story