Commodity Mantra Morning Update: Gold higher, oil steady, base metals negative

Here is our technical view on Commodities.

Apr 19, 2021 07:04 IST India Infoline News Service

MCX Gold moved above previous swing high on the hourly chart; however, price reached to the resistance 47400. The momentum indicator, RSI (14) is in negative divergence on the hourly chart. The short term bias remains bullish; however, in the very short term price may witness a bit volatility. On the higher end resistance seen at 47400-47500 whereas on the lower end supports are placed at 46900-47000.
MCX Crude Oil price has remained sideward throughout the session. The hourly RSI is in positive crossover. Going forward, the bias is likely to remain positive as long as price sustains above 4700; on the higher end price may move towards 4900. On the lower end price may find support around 4700/4600.
MCX Copper price has formed a double top around 719 on the hourly chart. Hourly RSI is in negative crossover. The near term trend may remain negative as long as price sustains below 720. On the higher end resistance seen at 720-725. A decisive breakout above 725 may induce further rally towards 740/760.

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