Commodity Mantra Morning Update: Gold, Oil lower; Base Metals trade higher

Here is the global trend and our view on Commodities.

Sep 28, 2020 08:09 IST India Infoline News Service

Commodities
Gold
On Monday, gold remains weak on the strong US dollar. Spot Gold was down 0.10% at $1,860 whereas COMEX Gold Future was trading down 0.16% at $1,863 per troy ounce.

MCX Gold price moved above the previous swing high on the hourly chart. The hourly RSI is in positive crossover and rising. On the lower end support seen at 49,450 while on the higher end resistance seen at 50,050.

Oil
On Monday, oil price trades lower on the resurgence of coronavirus. West Texas Intermediate (WTI) crude was down 0.50% at $40.05 whereas Brent crude was down 0.52% at $42.19.

MCX Crude oil price remained in a range and failed to provide any directional move. The hourly RSI is in the positive crossover. On the lower end support seen at 2,880 while on the higher end resistance seen at 3,060.
          
Base Metals
On Monday, base metals were trading mostly with a positive bias. On London Metal Exchange (LME), Aluminium was up 0.07% at $1,762 whereas Copper was up 0.32% at $6,576 Zinc was up 0.25% at $2,382 while Lead was up 0.41% at $1,846.

MCX Copper price remained in a range as it failed to move decisively. The hourly RSI is in the positive crossover. On the lower end support seen at 526 while on the higher end resistance seen at 537.

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