Commodity Mantra Morning Update: Gold down, Oil steady; Base Metals trading mixed

Here is the global trend and our view on Commodities.

Aug 12, 2020 08:08 IST India Infoline News Service

Commodities
Gold
On Wednesday, gold witnessed a steep correction as prices fell below $1900 as Russia approved COVID-19 vaccine. Spot Gold was down 1.49% at $1,883 whereas COMEX Gold Future was trading down 2.59% at $1,895 per troy ounce.
 
MCX Gold price has posted the biggest single day loss in several years as price slipped lower towards 52000. The daily RSI has remained in bearish crossover. On the lower end, support seen at 50000 while on the higher end, resistance seen at 54000.
 
Oil 
On Wednesday, oil prices remained in the green on the hope of further demand recovery. West Texas Intermediate (WTI) crude was up 0.12% at $41.66 whereas Brent crude was up 0.25% at $44.61.
 
MCX Crude oil prices remained sideward as it failed to give any breakout on either sides. The daily RSI has remained in a negative crossover. On the lower end, support seen at 3070 while on the higher end, resistance seen at 3250.
           
Base Metals
On Wednesday, base metals were trading with a negative bias. On London Metal Exchange (LME), Aluminium was down 0.50% at $1,776 whereas Copper was up 1.48% at $6,311. Zinc was down 1.63% at $2,378 while Lead was down 0.79% at $1,938.
 
MCX Copper prices remained sideward as it failed to give any breakout on either sides. The daily RSI has remained at 59 with a positive crossover. On the lower end, support seen at 504 while on the higher end, resistance seen at 515.

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