Commodity Mantra Morning Update: Gold down, Oil steady while Base Metals trading with mixed bias

Here is our technical view on Commodities.

Apr 23, 2021 07:04 IST India Infoline News Service

Commodities
MCX Gold traded with a negative bias throughout the session. On the higher end, price found resistance around previous closing which led to a fall in the price. On the hourly timeframe, RSI (14) is in negative crossover and falling. The short term bias looks bearish as long as price sustains below 48600; however, upon a decisive breakout above 48600 may induce strong rally in the short to medium term. On the lower end support seen at 47500.
  
MCX Crude Oil price remained volatile during the session. On the daily chart, price formed a long legged doji which is often a reversal. The daily RSI is in negative crossover. Going forward, the bias is likely to remain sideward to negative as long as price sustains below 4660; on the lower end price may move towards 4500 over the near term. On the higher end price may find resistance 4660/4800.
           
MCX Copper price has remained sideward during the session. Price has made a lower top on the hourly chart. Hourly RSI is in negative crossover. The trend may remain sideward to negative as long as it sustains below 730. On the lower end support exists at 720. On the higher end resistance seen at 730. A breakout above 730 may induce further rally towards 740/760.
           

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