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

Here is the global trend and our view on Commodities.

Aug 10, 2020 07:08 IST India Infoline News Service

Gold
On Monday, gold remains steady on US-China trade tensions. Spot Gold was down 0.17% at $2,031 whereas COMEX Gold Future was trading up 0.68% at $2,031 per troy ounce.

MCX Gold prices slipped below the previous swing low on the hourly chart. The hourly RSI has remained in bearish crossover and reading at 31. On the lower end support seen at 54,450 while on the higher end resistance seen at 55,100.

Oil
On Monday, oil prices trade in the green on the back of US stimulus hope. West Texas Intermediate (WTI) crude was up 1.14% at $41.69 whereas Brent crude was up 0.90% at $44.80.

MCX Crude oil prices slipped below the previous swing low. The hourly RSI is in a bearish crossover. On the lower end support seen at 2,990 while on the higher end resistance seen at 3,140.
          
Base Metals
On Monday, base metals were trading with a mixed bias. On London Metal Exchange (LME), Aluminium was down 0.33% at $1,752 whereas Copper was up 0.57% at $6,271 Zinc was up 1.05% at $2,361 while Lead was down 0.35% at $1,908.

MCX Copper prices moved below the previous swing low on the hourly chart. The hourly RSI is in a bearish crossover; however, it is hovering in the oversold zone therefore, a bounce can be seen in the prices. On the lower end support seen at 497 while on the higher end resistance seen at 510.

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