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

Here is the global trend and our view on Commodities.

Sep 15, 2020 08:09 IST India Infoline News Service

Commodities
Gold
On Tuesday, gold price steady as investors eyeing Fed meeting. Spot Gold was up 0.36% at $1,963 whereas COMEX Gold Future was trading up 0.50% at $1,973 per troy ounce.

MCX Gold price has found resistance at the previous swing high of 51850 and settled a bit lower. However, the overall bias remains on the positive side. Decisive move above 51,850 may induce a strong rally in Gold price. The hourly RSI is in a negative crossover. On the lower end support seen at 51,340 while on the higher end resistance seen at 52,000.

Oil
On Tuesday, oil price steady on a weak demand outlook. West Texas Intermediate (WTI) crude was up 0.11% at $37.30 whereas Brent crude was up 0.08% at $39.66.

MCX Crude oil price continued to consolidate around the lower levels after a sharp fall on the hourly chart. The hourly RSI is in negative crossover and falling. On the lower end support seen at 2,650 while on the higher end resistance seen at 2,850.
          
Base Metals
On Tuesday, base metals were trading with a positive bias. On London Metal Exchange (LME), Aluminium was up 0.08% at $1,803 whereas Copper was up 0.26% at $6,799 Zinc was up 0.60% at $2,496 while Lead was up 0.36% at $1,930.

MCX Copper price found resistance around the previous swing high of 530 and settled a bit lower. The bias remains positive, any move above 530 may induce further rally in the copper price. The daily RSI is in the positive crossover. On the lower end support seen at 525 while on the higher end resistance seen at 535.

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