Commodity Mantra Morning Update: Gold, Oil higher; Base Metals trading mixed

Here is the global trend and our view on Commodities.

Jul 31, 2020 08:07 IST India Infoline News Service

Commodities
Gold
On Friday, gold trades higher on rising new virus cases. Spot Gold was down 0.54% at $1,967 whereas COMEX Gold Future was trading up 0.99% at $1,961 per troy ounce.
 
MCX Gold prices started higher and remained sideward during the day. The hourly RSI remains in bullish crossover. On the lower end, support seen at 52680 while on the higher end, resistance seen at 53150.
 
Oil 
On Friday, oil prices recover after a heavy correction in the previous session due to demand concern. West Texas Intermediate (WTI) crude was up 0.48% at $40.09 whereas Brent crude was up 0.53% at $43.48.
 
MCX Crude oil prices slipped below previous swing low. The hourly RSI is in a bearish crossover. On the lower end, support seen at 2830 while on the higher end, resistance seen at 3065.
           
Base Metals
On Friday, base metals were trading with a mixed bias. On London Metal Exchange (LME), Aluminium was up 0.1% at $1,726 whereas Copper was up 0.38% at $6,478. Zinc was down 0.05% at $2,292 while Lead was up 0.20% at $1,872.
 
MCX Copper prices remained sideward on the hourly chart. The daily RSI has entered in a bearish crossover. On the lower end, support seen at 503 while on the higher end, resistance seen at 511.

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