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

Here is the global trend and our view on Commodities.

May 28, 2020 08:05 IST India Infoline News Service

Commodities
Gold
On Thursday, gold remained sideways as risk on sentiment improved in US. Spot Gold was up 0.27% at $1,713, whereas COMEX Gold Future was trading down 0.1% at $1,712 per troy ounce.
 
MCX Gold prices have sustained above 50EMA on the daily chart; however, it found resistance around previous swing high. The daily RSI is in a bearish crossover. On the lower end, support seen at 46000, while on the higher end, resistance seen at 46600.
 
Oil 
On Thursday, oil slip lower on rise in US inventories. West Texas Intermediate (WTI) crude was down 3.29% at $31.73, whereas Brent crude was down 2.07% at $34.01.
 
MCX Crude oil prices have sustained above 50EMA on the daily chart; however, it found resistance around previous swing high. The daily RSI is in a bearish crossover. On the lower end, support seen at 2440, while on the higher end, resistance seen at 2650.
                                                                          
Base Metals
On Thursday, base metals were trading with gains. On London Metal Exchange (LME), Aluminium was up 0.11% at $1,531 whereas Copper was up 0.37% at $5,316, Zinc was flat at $1,935 while Lead was up 0.47% at $1,648.
 
MCX Copper prices moved above 50EMA on the hourly chart. The daily RSI is in bullish crossover. On the lower end, support seen at 408 while on the higher end, resistance seen at 414.

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