Commodity Mantra Morning Update: Gold higher, Oil lower; Base Metals trading mixed

Here is the global trend and our view on Commodities.

Jun 29, 2020 08:06 IST India Infoline News Service

Commodities
Gold
On Monday, gold trades higher as virus related deaths have surpassed 5,00,000 mark. Spot Gold was up 0.05% at $1,772 whereas COMEX Gold Future was trading up 0.26% at $1,784 per troy ounce.
 
MCX Gold prices moved above the previous swing high on the hourly chart. The hourly RSI is in a bullish crossover. On the lower end, support seen at 48120 while on the higher end, resistance seen at 48530.
 
Oil 
On Monday, oil trades higher on demand recovery. West Texas Intermediate (WTI) crude was down 1.64% at $37.87 whereas Brent crude was down 1.42% at $40.35.
 
MCX Crude oil prices slipped lower and found resistance at 50EMA on the hourly chart. The hourly RSI is in a bearish crossover. On the lower end, support seen at 2770 while on the higher end, resistance seen at 2970.
           
Base Metals
On Monday, base metals were trading mostly with a mixed bias. On London Metal Exchange (LME), Aluminium was up 0.47% at $1,605 whereas Copper was up 0.69% at $5,983. Zinc was down 0.32% at $2,029 while Lead was down 0.10% at $1,783.
 
MCX Copper  prices moved above the previous swing high on the hourly chart. The hourly RSI is in a bullish crossover. On the lower end, support seen at 453 while on the higher end, resistance seen at 462.

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