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

Here is the global trend and our view on Commodities.

Oct 14, 2020 08:10 IST India Infoline News Service

Gold
On Wednesday, gold recovers from three weeks low on weak US dollar. Spot Gold was up 0.24% at $1,895 whereas COMEX Gold Future was trading up 0.20% at $1,898 per troy ounce.

MCX Gold price corrected sharply after consolidation at the higher levels on the hourly timeframe. The daily RSI is in a negative crossover. On the lower end support seen at 49,900 while on the higher end resistance seen at 50,550.

Oil
On Wednesday, oil price traded lower as rising coronavirus numbers creates demand concern. West Texas Intermediate (WTI) crude was down 0.37% at $40.06 whereas Brent crude was down 0.35% at $42.30.

MCX Crude oil price found support at the previous swing low and moved up higher. The daily RSI is in a positive crossover. On the lower end support seen at 2,850 while on the higher end resistance seen at 3,030.
          
Base Metals
On Wednesday, base metals were trading with a positive bias. On London Metal Exchange (LME), Aluminium was up 0.03% at $1,853 whereas Copper was up 0.51% at $6,719 Zinc was up 0.63% at $2,424 while Lead was up 0.03% at $1,802.

MCX Copper price slipped lower levels as it faced resistance at the around 531 on the hourly chart. The daily RSI is in a negative crossover. On the lower end support seen at 519 while on the higher end resistance seen at 528.

Related Story