Commodity Mantra Morning Update: Gold higher oil steady base metals in a mix trade

Here is our technical view on Commodities.

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

MCX Gold continues its upward journey after a pause in the previous trading session. On the 4 hourly chart price, has moved above 100EMA which suggests a bullish trend for the near term. The daily RSI is in a positive crossover. Going forward, price may continue to move higher as long as it sustains above 45550. On the higher end resistance seen at 46200.
MCX Crude Oil price continues to find resistance at the middle Bollinger band for the third consecutive day. However, on the daily chart, a bullish Harami candlestick pattern has formed which is a bullish patern. On the higher end a decisive move above 4530 may induce a rally in the oil price. Daily RSI has entered in positive crossover. On the lower end price may fall towards around 4300; on the higher end resistance seen at 4530.
MCX Copper price has moved higher after a consolidation on the hourly chart. On the daily chart, price is moving higher with a higher top higher bottom formation. However, for the day price remained sideways. The trend for the short term may continue to remain bullish as long as price sustains above 674. On the lower end, support seen at 674 while on the higher end resistance seen at 700.

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