Commodity Mantra Morning Update: Gold higher, Oil lower, while Base Metals trading on a mixed note

Here is our technical view on Commodities.

Apr 22, 2021 07:04 IST India Infoline News Service

MCX Gold traded with a positive bias throughout the session. On the higher end, price found initial resistance around 48450-48500. The momentum indicator, RSI (14) is in positive crossover on the daily chart. The short term bias remains bullish; however, on the higher end 48500-48650 may act as near term resistance. On the lower end support seen at 47700.
MCX Crude Oil price has slipped below previous consolidation on the daily chart which suggests rise in pessimism. The daily RSI is in negative crossover. Going forward, the bias is likely to remain sideward to negative as long as price sustains below 4800; on the lower end price may move towards 4500 over the near term. On the higher end price may find resistance 4800.
MCX Copper price has remained sideward during the session. Price has found resistance around 730 whereas on the lower end it made an intraday low of 724. Daily RSI is in positive crossover. The trend may remain positive as long as price sustains above 720. On the higher end resistance seen at 730. A breakout above 730 may induce further rally towards 740/760.

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