Commodity Mantra Morning Update: Gold, oil steady; Base metals trading mixed

Here is the global trend and our view on Commodities.

Apr 09, 2020 03:04 IST India Infoline News Service

Commodities
Gold
On Thursday, gold is steady as profit booking is visible after a staggering rally. Spot Gold was up 0.18% at $1,647, whereas COMEX Gold Future was trading 0.14% higher at $1,682 per troy ounce.
 
MCX Gold, price has remained more or less sidewards after it opened in the red. So far, price remained above 100EMA; however, after a decent rally, price is poised to witness a consolidation. Going forward, price may remain slightly weak. On the lower end, support seen at 44500 while on the higher end resistance seen at 45100.
 
Oil 
On Thursday, oil prices remained tight on the anticipation of output cut. West Texas Intermediate (WTI) crude was up 2.63% at $25.77, whereas Brent crude was up 1.31% at $33.27.
 
MCX Crude oil price has fallen back to 100EMA on the hourly chart. Price may witness a strong pullback from the current level as it has completed retesting the support zone. Going forward, price may continue to move higher as long as it sustains above 1800. On the lower end, support is seen at 1800/1700, while on the higher end, resistance is seen at 2200/2450.
 
Base Metals
On Thursday, base metals were trading mostly with mixed bias. On London Metal Exchange (LME), Aluminium was up 0.61% at $1,481, whereas Copper was up 0.27% at $5,034. Zinc was down 0.03% at $1,913 while Lead was down 0.01% at $1,713.
 
MCX Copper price has so far remained above 100EMA on the hourly chart, which led to smart rally towards 394. Price may continue to move higher as long as it sustains above 388. On the lower end, support is seen at 386/383, while on the higher end, resistance is seen at 395/400.

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