On Wednesday, Gold is trading steady as new cases of coronavirus were lower than expected. Spot Gold was trading flat at $1,570 whereas COMEX Gold Future was trading 0.05% higher at $1,570.85 per troy ounce.
MCX Gold has formed a bearish candle on the daily chart after a spinning top candlestick pattern, which means a short term reversal is possible. On the hourly mode, price has slipped below previous swing low, which is a bearish set up. In addition, MACD is in bearish crossover and has entered in a Sell mode on the hourly timeframe. The trend is negative for the near term. On the lower end, support is visible at 40300/40200. On the higher end price has resistance at 40550/40620.
On Wednesday, oil continued to recover; West Texas Intermediate (WTI) crude was up 1.22% at $50.55 whereas Brent crude was up 1.24% at $54.92.
MCX Crude has formed a bullish harami pattern on the daily chart, which is a bullish reversal pattern. On the hourly chart, price has made a higher bottom, which is an early sign of a bullish reversal. The hourly MACD is also has entered in a bullish crossover however, hourly RSI is in bearish crossover. Going forward, the trend in crude is expected to remain sideways to positive. On the lower end, price has support at 3550/3500 over the near term. On the higher end, resistance is visible at 3660/3700.
On Wednesday, base metals were trading mostly with positive bias. On London Metal Exchange (LME), Aluminium was down 0.19% at $1,735 whereas Copper was up 0.46% at $5,751. Zinc was up 0.56% at $2,167 while Lead was up 0.09% at $1,848.
MCX Copper has recovered after two consecutive days of correction. On the hourly chart, price has moved above previous swing high and currently in a process of making higher top higher bottom. The hourly RSI (14) is in positive crossover, which suggests bullish momentum for the near term. The bias is expected to remain positive in the near term. On the lower end, support is seen at 431-430; whereas on the higher end resistance seen at 437-440.