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

Here is the global trend and our view on Commodities.

Aug 13, 2020 08:08 IST India Infoline News Service

Commodities
Gold
On Thursday, gold remains steady on the back of a weak US dollar. Spot Gold was up 1.13% at $1,937 whereas COMEX Gold Future was trading down 0.12% at $1,946 per troy ounce.

MCX Gold price has formed an engulfing pattern on the hourly chart suggesting a bearish movement in the near term. The daily RSI has remained in a bearish crossover. On the lower end support seen at 52,000 while on the higher end resistance seen at 53,000.

Oil
On Thursday, oil prices remains steady on reduced US supplies. West Texas Intermediate (WTI) crude was down 0.19% at $42.59 whereas Brent crude was down 0.26% at $45.31.

MCX Crude oil price remained sideward as it failed to give any breakout on either sides. The daily RSI has remained in a negative crossover. On the lower end support seen at 3,070 while on the higher end resistance seen at 3,250.
          
Base Metals
On Thursday, base metals were trading with a negative bias. On London Metal Exchange (LME), Aluminium was up 0.13% at $1,786 whereas Copper was up 0.53% at $6,402 Zinc was down 0.24% at $2,387 while Lead was down 0.03% at $1,948.

MCX Copper prices remained sideward as it failed to give any breakout on either sides. The daily RSI has remained at 59 with a positive crossover. On the lower end support seen at 507 while on the higher end resistance seen at 517.

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