Commodity Mantra Morning Update: Gold steady oil lower base metals in mix trade

Here is our technical view on Commodities.

May 03, 2021 07:05 IST India Infoline News Service

Commodities
MCX Gold remained range-bound during the day. On the higher end it found resistance around 46800 whereas on the lower price found support around 46600. The daily RSI (14) is in negative crossover. The near term bias is likely to remain weak as long as price trades below 46800. On the lower end support seen at 46400. On the higher end resistance at 47000/47300.
  
MCX Crude Oil slipped below previous swing high on the hourly chart. The daily RSI is in negative crossover. The bias is likely to remain negative as long as price stays below 4800. On the lower end price may move towards 4550 whereas on the higher end resistance is placed at 4800/4900.
           
MCX Copper price remained volatile for the day as price traded within a bands of 751 and 764. On the lower end price formed double bottom around 751. Daily RSI is in negative crossover. However, the price may recover if sustains above 750 in the near term. On the higher end resistance seen at 765.
           

Related Story

Open Free Demat Account (Rs699)