Commodity Mantra Morning Update: Gold, Oil down; Base Metals trading lower

Here is the global trend and our view on Commodities.

Jul 02, 2020 08:07 IST India Infoline News Service

Commodities
Gold
On Thursday, gold slip from near 8 years highs on strong US data. Spot Gold was down 0.12% at $1,768 whereas COMEX Gold Future was trading down 0.18% at $1,776 per troy ounce.
 
MCX Gold prices moved below the previous swing low on the hourly chart. On the daily chart a dark cloud cover is formed which is a bearish in pattern. The hourly RSI is in a bearish crossover. On the lower end, support seen at 48030 while on the higher end, resistance seen at 48430.
 
Oil 
On Thursday, oil remains soft as demand fall concern due to coronavirus lingers. West Texas Intermediate (WTI) crude was down 0.05% at $39.80 whereas Brent crude was down 0.01% at $42.05.
 
MCX Crude oil prices moved higher after a downwards consolidation. The hourly RSI is in a bullish crossover. On the lower end, support seen at 2940 while on the higher end, resistance seen at 3150.
           
Base Metals
On Thursday, base metals were trading with a mixed bias. On London Metal Exchange (LME), Aluminium was down 0.38% at $1,617 whereas Copper was up 0.64% at $6,095. Zinc was down 0.09% at $2,045 while Lead was down 0.14% at $1,775.
 
MCX Copper prices moved above the previous swing high on the hourly chart. The daily RSI is in a bullish crossover. On the lower end, support seen at 462 while on the higher end, resistance seen at 469.

Related Story