On Friday, Gold has moved up as Fed held key rates unchanged. Spot Gold was trading up at $1,469.09 whereas Comex Gold Future was trading up 0.07% at $1,473.15/ounce.
MCX Gold has closed lower after a volatile trading session. On the higher end it found resistance around 38000, which led to correction towards 37500. The strong sell off around 38000 triggered yesterday’s sharp fall. On the hourly chart, MCX Gold has broken down below the previous swing low and slipped into a bearish set up. The RSI as well as MACD are in negative crossover and falling on the hourly timeframe. Going forward, the bias is expected to remain bearish; on the lower end price may slip towards 37400-37350.
On Friday, oil prices rose to three months high on the back of possible US China deal just before the end of December 15, 2019 deadline for new tariff. Brent crude was up 0.69% at $64.64. West Texas Intermediate (WTI) crude was up 0.51% at $59.48.
Crude Oil witnessed a positive session as it ended with a gain of 44 points, closing at 4200. On the daily chart, oil has moved above its downwards consolidation and expected to move higher in the near term. The momentum indicator RSI is in a bullish crossover and rising, which suggests the price momentum to remain positive. On the higher end, MCX Crude Oil is expected to find resistance at 4230; sustained trades above 4230 may induce rally towards 4300. On the lower end support is visible at 4150.
On Friday, base metals were trading mostly with positive bias. On London Metal Exchange (LME), Aluminium was up 0.37% at $1,778 whereas Copper was up 0.57% $6,198. Zinc was up 0.31% at $2,268.25, while Lead was up 0.75% at $1,942.50.
Base metal pack remained in range during the previous session. Baring Lead, all other base metals trended in a sideways pattern on the hourly chart of yesterday’s session. Lead found resistance around 154 which led to correction towards 153 during the session. Copper on the other hand remained in the positive territory and expected to move higher from the current level of 441.95 towards 446; whereas on the lower end support is visible at 440.