Commodity Mantra Morning Update: Gold lower, Oil steady while Base Metals trade lower

Here is the global trend and our view on Commodities.

Oct 13, 2020 08:10 IST India Infoline News Service

Commodities
Gold
On Tuesday, gold trades lower on strong US dollar. Spot Gold was down 0.37% at $1,915 whereas COMEX Gold Future was trading down 0.46% at $1,920 per troy ounce.
 
MCX Gold price moved above previous consolidation on the daily chart. The daily RSI is in positive crossover with a reading of 53.27. On the lower end support seen at 50780 while on the higher end resistance seen at 51300.
 
Oil 
On Tuesday, oil price trade steady on stimulus hope. West Texas Intermediate (WTI) crude was up 0.05% at $39.45 whereas Brent crude was up 0.07% at $41.75.
 
MCX Crude oil price slipped below previous consolidation low on the daily chart. The daily RSI is in negative crossover with a reading of 46. On the lower end support seen at 2800 while on the higher end resistance seen at 2960.
           
Base Metals
On Tuesday, base metals were trading with a negative bias. On London Metal Exchange (LME), Aluminium was down 0.32% at $1,849 whereas Copper was down 0.57% at $6,696. Zinc was down 1.11% at $2,425 while Lead was down 0.58% at $1,827.
 
MCX Copper price slipped back to lower levels as it faced resistance at the previous swing high on the hourly chart. The hourly RSI is in negative crossover. On the lower end support seen at 522 while on the higher end resistance seen at 532.

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