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

Here is our technical view on Commodities.

Apr 26, 2021 07:04 IST India Infoline News Service

MCX Gold remained volatile with mostly negative bias during the day. On the hourly chart, price has slipped below the consolidation. On the hourly timeframe, RSI (14) is in negative crossover and falling. The short term bias looks bearish as long as price sustains below 48000. On the lower end support seen at 47000. On the higher end resistance at 48000.
MCX Crude Oil price remained range-bound during the day. The hourly RSI is in positive crossover. On the hourly chart a consolidation high is placed at 4720. A decisive move above 4720 may induce a rally towards 4900. On the lower end price may find support at 4550.
MCX Copper price started higher and remained positive throughout the session. On the daily chart a large green candle has formed. Daily RSI is in positive crossover. The trend may remain positive as long as it sustains above 730. On the higher end resistance seen at 740/760.

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