Commodity Mantra Morning Update: Gold steady, Oil and Base Metals trading higher

Here is the global trend and our view on Commodities.

Jul 01, 2020 08:07 IST India Infoline News Service

Commodities
Gold
On Wednesday, gold remains steady as investors look for safe haven investment amid rising virus threat. Spot Gold was up 0.06% at $1,781 whereas COMEX Gold Future was trading down 0.08% at $1,799 per troy ounce.
 
MCX Gold prices moved above the previous swing high on the hourly chart. The daily RSI is in a bullish crossover. On the lower end, support seen at 48530 while on the higher end, resistance seen at 49130.
 
Oil 
On Wednesday, oil trades higher as US inventories fell sharply. West Texas Intermediate (WTI) crude was up 1.17% at $39.73 whereas Brent crude was up 0.97% at $41.67.
 
MCX Crude oil prices moved higher after a downwards consolidation. The hourly RSI is in a bullish crossover. On the lower end, support seen at 2940 while on the higher end, resistance seen at 3150.
           
Base Metals
On Wednesday, base metals were trading mostly with a positive bias. On London Metal Exchange (LME), Aluminium was up 0.22% at $1,620 whereas Copper was up 0.78% at $6,086. Zinc was up 0.66% at $2,051 while Lead was down 0.42% at $1,786.
 
MCX Copper prices moved above the previous swing high on the hourly chart. The daily RSI is in a bullish crossover. On the lower end, support seen at 460 while on the higher end, resistance seen at 467.

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