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

Here is the global trend and our view on Commodities.

May 27, 2020 08:05 IST India Infoline News Service

Commodities
Gold
On Wednesday, gold trades lower as risk on sentiment improved in US. Spot Gold was up 0.02% at $1,711 whereas COMEX Gold Future was trading down 0.1% at $1,703 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 Wednesday, oil slip lower on demand concerns. West Texas Intermediate (WTI) crude was down 0.93% at $34.04 whereas Brent crude was down 0.66 at $35.94.
 
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 Wednesday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was up 0.07% at $1,523 whereas Copper was down 0.30% at $5,351, Zinc was down 0.96% at $1,963 while Lead was down 0.36% at $1,668.
 
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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