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

Here is the global trend and our view on Commodities.

Oct 12, 2020 08:10 IST India Infoline News Service

Gold
On Monday, gold trades higher as dollar falls. Spot Gold was down 0.20% at $1,926 whereas COMEX Gold Future was trading up 0.34% at $1,932 per troy ounce.

MCX Gold price found resistance at the previous swing high on the hourly chart. The hourly RSI is in a negative crossover with a reading of 63. On the lower end support seen at 50,500 while on the higher end resistance seen at 51,000.

Oil
On Monday, oil price remained in the red as US output got restored post-hurricane. West Texas Intermediate (WTI) crude was down 0.74% at $40.30 whereas Brent crude was down 0.77% at $42.53.

MCX Crude oil price found resistance around the previous swing high on the hourly chart which led to drop in price. The daily RSI is in a negative crossover with a reading of 44.64. On the lower end support seen at 2880 while on the higher end resistance seen at 3060.
          
Base Metals
On Monday, base metals were trading mostly with a negative bias. On London Metal Exchange (LME), Aluminium was down 0.30% at $1,840 whereas Copper was down 0.32% at $6,751 Zinc was up 0.48% at $2,439 while Lead was down 0.33% at $1,811.

MCX Copper price consolidated after moving above the previous swing high on the hourly chart. The hourly RSI is in the negative crossover. On the lower end support seen at 522 while on the higher end resistance seen at 532.

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