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

Here is the global trend and our view on Commodities.

Mar 27, 2020 02:03 IST India Infoline News Service

On Friday, gold corrected after a rally in the previous session. Spot Gold was flat $1,627, whereas COMEX Gold Future was trading 0.67% lower at $1,640 per troy ounce.
MCX Gold moved above previous trading session, which led to rally towards lifetime high price. The daily RSI is in bullish crossover and rising. The sentiment is strong however, after a sharp rally, price may see a correction in the near term. Going forward, price may find resistance at 43800 on the lower end, support is visible at 43000.  
On Friday, oil prices trade higher on more stimulus hope. West Texas Intermediate (WTI) crude was up 1.37% at $22.91, whereas Brent crude was up 0.53% at $26.49.
MCX Crude has slipped below previous low during the last session indicating rising bearish bet. On the daily timeframe, price has been hovering within the range of 1700 and 2000. The bias is expected to remain sideward until it gives any breakout on either side. On the lower end, price has support at 1760/1700 in the near term. On the higher end, resistance is visible at 1830/1900.
Base Metals
On Friday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was up 0.31% at $1,545 whereas Copper was down 0.18% at $4,807. Zinc was down 0.31% at $1,869 while Lead was up 0.71% at $1,701.
MCX Copper price continued to remain volatile. On the lower end, price found support around 365 whereas on the higher end, it made a high of 382. The bias has been sideways to positive as of now; however, it will change to negative once it starts trading below 365. On the lower end, support is seen at 365/361, while on the higher end, resistance is seen at 378.

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