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

Here is the global trend and our view on Commodities.

Oct 09, 2020 08:10 IST India Infoline News Service

Commodities
Gold
On Friday, gold trades higher on weak US dollar. Spot Gold was up 0.73% at $1,907 whereas COMEX Gold Future was trading up 0.84% at $1,910 per troy ounce.

MCX Gold price found support at the previous swing low on the hourly chart. The hourly RSI is in a positive crossover with a reading of 50.53. On the lower end support seen at 49840 while on the higher end resistance seen at 50,400/50,700.

Oil
On Friday, oil price eased after gaining sharply on the back of strike in Norway. West Texas Intermediate (WTI) crude was down 0.46% at $41 whereas Brent crude was down 0.33% at $43.16.

MCX Crude oil price moved above the previous swing high on the hourly chart. The daily RSI is in a positive crossover with a reading of 54.18. On the lower end support seen at 2900 while on the higher end resistance seen at 3100.
          
Base Metals
On Friday, base metals were trading mostly with a positive bias. On London Metal Exchange (LME), Aluminium was up 0.72% at $1,813 whereas Copper was up 1.10% at $6,741 Zinc was up 2.29% at $2,436 while Lead was up 1.25% at $1,816.

MCX Copper price remained above previous consolidation high on the hourly chart which suggests increased optimism. The daily RSI is in the positive crossover. On the lower end support seen at 518 while on the higher end resistance seen at 529.

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