On Wednesday, gold remained steady as China preferred to wait for Trump impeachment before signing an interim trade deal. Spot Gold was trading up at $1,473.20 whereas Comex Gold Future was trading down 0.01% at $1,474.15/ounce.
MCX gold price has shown positive momentum from lower levels last session and closed at 38,205. Gold price has given breakout of horizontal channel at 38,070 levels on the hourly chart. Gold price has given breakout of its falling trend line at 38,100 levels on the hourly chart. Momentum indicator RSI has positive crossover on the hourly chart, which suggests possibilities of upside in the price. On the other hand, gold price has remained above its Parabolic SAR indicator on the daily chart, which also supports our bullish view in the commodity. Based on the above technical parameters, gold is looking bullish with a potential to reach 38,450.
On Wednesday, Oil prices slipped as possibility of partial tariff roll back fades. Brent Crude was down 0.31% at 60.94, whereas West Texas Intermediate (WTI) crude was up 0.22% at $55.47.
MCX Crude Oil price has shown negative momentum from higher levels in the last day and closed at 3,972. Crude oil price has faced resistance of its upper band of rising channel pattern at 4,165 levels on the hourly chart. The Momentum indicator RSI has given negative crossover on the hourly chart, which indicates possibilities of bearishness in the prices. Based on the above technical parameters, MCX Crude Oil is looking bearish with a potential to reach 3,900.
On Wednesday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was up 0.19% at $1,739.25, whereas Copper was down 0.25% at $5,869.75. Zinc was up 0.26% at $2,350, while Lead was up 0.14% at $1,997.50.
Metal prices opened on a negative note in the last trading session. Aluminium price has faced resistance of its falling trend line at 132.60 levels on the hourly chart, while Lead price has taken support of its rising trend line at 153.50 levels on the hourly timeframe. MCX Nickel price has given breakdown of rising trend line at 1120 levels on the hourly chart. Zinc price has faced resistance of its upper band of rising channel pattern trend line at 193 levels, on the hourly chart. Zinc price is trading below its Parabolic SAR indicator, which suggests negative momentum in the price. Copper price has given breakdown of its rising trend line at 439 levels during the last session. Based on the above technical parameters, MCX Copper is looking bearish with a potential to reach 434.