Commodity Mantra Morning Update: Gold lower oil and base metals higher

Here is our technical view on Commodities.

Apr 15, 2021 07:04 IST India Infoline News Service

Commodities
MCX Gold slipped below middle Bollinger band on the hourly chart indicating a near term weakness. On the daily chart, an inside day bar pattern has formed which often suggests a bearish reversal. However, the short term bias remains bullish. The daily RSI is in a negative crossover. The weakness in the price may continue in Gold as long as price sustains below 47000. On the higher end resistance seen at 47000 whereas on the lower end supports are placed at 46200.
  
MCX Crude Oil price has moved up above the previous consolidation on the daily chart indicating a short tern bullishness. The daily RSI is in positive crossover. Going forward, the bias is likely to remain positive; on the higher end price may move towards 4950-5000. On the lower end price may find support around 4600.
           
MCX Copper price has moved above previous consolidation on the daily chart indicating a bullishness in the short term. Daily RSI is in positive crossover. The trend may remain positive as long as price sustains above 695. A decisive breakout above 710 may induce further rally towards 725.
           

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