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

Here is the global trend and our view on Commodities.

Jul 09, 2020 08:07 IST India Infoline News Service

Commodities
Gold
On Thursday, gold retreats after reaching 9 years high on surge in new virus cases. Spot Gold was down 0.02% at $1,809 whereas COMEX Gold Future was trading down 0.04% at $1,819 per troy ounce.
 
MCX Gold prices moved above the previous swing high on the daily chart. In addition, price has remained above 50 EMA on the hourly chart. The daily RSI is in a bullish crossover. On the lower end, support seen at 48900 while on the higher end, resistance seen at 49320.
 
Oil 
On Thursday, oil trades lower as coronavirus threat remains. West Texas Intermediate (WTI) crude was down 0.29 at $40.77 whereas Brent crude was down 0.18% at $43.21.
 
MCX Crude oil prices has been moving within a narrow range for the last few trading sessions. The hourly RSI is in a bullish crossover. On the lower end, support seen at 2940 while on the higher end, resistance seen at 3150.
           
Base Metals
On Thursday, base metals were trading with a positive bias. On London Metal Exchange (LME), Aluminium was up 0.29% at $1,670 whereas Copper was up 1.06% at $6,301. Zinc was up 0.55% at $2,140 while Lead was up 0.50% at $1,825.
 
MCX Copper  prices moved above the previous swing high on the 4 hourly chart. The 4 hourly RSI is in a bullish crossover. On the lower end, support seen at 474 while on the higher end, resistance seen at 483.

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