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

Here is the global trend and our view on Commodities.

Jun 02, 2020 08:06 IST India Infoline News Service

Commodities
Gold
On Tuesday, gold remains weak as economies open up. Spot Gold was down 0.01at $1,739 whereas COMEX Gold Future was trading up 0.01% at $1,751 per troy ounce.
 
MCX Gold prices have sustained above 50EMA on the daily chart; also, it moved above previous swing high. The daily RSI is in a bearish crossover. On the lower end support seen at 46700, while on the higher end resistance seen at 47200.
 
Oil 
On Tuesday, oil remains muted as investors awaits OPEC+ meet. West Texas Intermediate (WTI) crude was up 0.23% at $35.52 whereas Brent crude was up 0.52% at $38.52.
 
MCX Crude oil prices have sustained above 50EMA on the daily chart; however, it found resistance around 2700. The daily RSI is in a bullish crossover. On the lower end, support seen at 2570 while on the higher end, resistance seen at 2700/2770.
                                                                          
Base Metals
On Monday, base metals were trading with positive bias. On London Metal Exchange (LME), Aluminium was up 0.31% at $1,542 whereas Copper was up 0.97% at $5,433, Zinc was up 0.63% at $1,998 while Lead was up 0.56% at $1,673.
 
MCX Copper prices moved above previous swing high on the hourly chart. The hourly RSI is in bullish crossover. On the lower end, support seen at 418 while on the higher end, resistance seen at 426.

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