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

Here is the global trend and our view on Commodities.

Jul 03, 2020 08:07 IST India Infoline News Service

Commodities
Gold
On Friday, gold remains steady as virus fear persists. Spot Gold was up 0.04% at $1,768 whereas COMEX Gold Future was trading down 0.18% at $1,776 per troy ounce.
 
MCX Gold prices slipped below 50EMA on the hourly chart. The daily RSI is in a bearish crossover. On the lower end, support seen at 48000 while on the higher end resistance seen at 48430.
 
Oil 
On Friday, oil slips lower as demand concern remains due to coronavirus. West Texas Intermediate (WTI) crude was down 0.52 at $40.44 whereas Brent crude was down 0.51% at $42.92.
 
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 Friday, base metals were trading with a mixed bias. On London Metal Exchange (LME), Aluminium was down 0.23% at $1,620 whereas Copper was down 0.41% at $6,065. Zinc was up 0.04% at $2,044 while Lead was down 0.08% at $1,772.
 
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 462 while on the higher end resistance seen at 469.

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