On Wednesday, gold is higher on soft US Dollar. Spot Gold was trading 0.10% higher $1,618 whereas COMEX Gold Future was trading 0.54% higher at $1,669 per troy ounce.
MCX Gold, has moved above its previous swing high on the hourly chart, which suggests rising bullishness. Indicator RSI is in bullish crossover on the daily chart. Going forward, price may move up higher. On the lower end, support is visible at 41200, on the higher end, price has resistance at 41570/41750.
On Wednesday, oil price is higher on US Fed stimulus announcement. West Texas Intermediate (WTI) crude was up 3.12% at $24.76, whereas Brent crude was up 2.56% at $27.85.
MCX Crude started higher on the back of strong international prices, however closed lower on the back of profit taking. The bias is expected to remain positive as long as it holds above the previous swing low of 1800. On the lower end, price has support at 1800/1717 in the near term. On the higher end, resistance is visible at 1900/1960.
On Wednesday, base metals were trading with mix bias. On London Metal Exchange (LME), Aluminium was down 0.05% at $1,552 whereas Copper was down 0.90% at $4,801. Zinc was down 0.47% at $1,819 while Lead was up 0.78% at $1,618.
MCX Copper price remained strong throughout the days as short unwinding has led to a price rise in the commodity. The bias has changed from negative to sideways. On the lower end support seen at 365/361, while on the higher end resistance seen at 370/378.