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

Here is the global trend and our view on Commodities.

Sep 17, 2020 08:09 IST India Infoline News Service

Commodities
Gold
On Thursday, gold price remains lower after Fed kept rates unchanged. Spot Gold was down 0.60% at $1,947 whereas COMEX Gold Future was trading down 0.85% at $1,953 per troy ounce.

MCX Gold price has slipped lower on the hourly chart as it found steep resistance around 52,000. The daily RSI is in the negative crossover. On the lower end support seen at 51,340 while on the higher end resistance seen at 52,100.

Oil
On Thursday, oil price down on demand worries. West Texas Intermediate (WTI) crude was down 0.72% at $39.87 whereas Brent crude was down 0.64% at $41.95.

MCX Crude oil price moved up after consolidation on the hourly chart indicating a rise of bullishness. The daily RSI is in positive crossover and falling. On the lower end support seen at 2,850 while on the higher end resistance seen at 3,030.
          
Base Metals
On Thursday, base metals were trading with a positive bias. On London Metal Exchange (LME), Aluminium was down 0.31% at $1,786 whereas Copper was down 1.32% at $6,707 Zinc was down 1.31% at $2,494 while Lead was down 0.62% at $1,881.

MCX Copper price consolidated for the day as the price failed to give any directional move. The hourly RSI is in the positive crossover. On the lower end support seen at 524 while on the higher end resistance seen at 534.

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