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

Here is the global trend and our view on Commodities.

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

Commodities
Gold
On Wednesday, gold remains steady as US coronavirus cases spike. Spot Gold was down 0.08% at $1,793 whereas COMEX Gold Futures was trading down 0.20% at $1,806 per troy ounce.
 
MCX Gold prices moved above the previous swing high on the hourly chart. In addition, price has moved above 50 EMA on the hourly chart. The daily RSI is in a bullish crossover. On the lower end, support seen at 48550 while on the higher end, resistance seen at 49130.
 
Oil 
On Wednesday, oil remains lower as new coronavirus cases in the US jumps. West Texas Intermediate (WTI) crude was down 0.02 at $40.61 whereas Brent crude was down 0.07% at $43.04.
 
MCX Crude oil price has been moving within a narrow range for the last few trading sessions. 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 with a mixed bias. On London Metal Exchange (LME), Aluminium was up 0.20% at $1,638 whereas Copper was down 0.04% at $6,190. Zinc was down 0.05% at $2,066 while Lead was up 0.61% at $1,823.
 
MCX Copper  prices moved above the previous swing high on the 4 hourly chart. The 4 hourly RSI is in a bullish crossover. On the lower end support seen at 469 while on the higher end resistance seen at 478.

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