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

Here is the global trend and our view on Commodities.

Jun 30, 2020 08:06 IST India Infoline News Service

Commodities
Gold
On Tuesday, gold trades higher on worsened virus fear. Spot Gold was down 0.04% at $1,771 whereas COMEX Gold Future was trading up 0.14% at $1,783 per troy ounce.
 
MCX Gold prices moved above the previous swing high on the hourly chart. The hourly RSI is in a bullish crossover. On the lower end, support seen at 48120 while on the higher end, resistance seen at 48530.
 
Oil 
On Tuesday, oil trades lower on increased global supply. West Texas Intermediate (WTI) crude was down 0.63% at $39.45 whereas Brent crude was down 0.43% at $41.67.
 
MCX Crude oil prices moved above previous swing high on the hourly chart. 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 Tuesday, base metals were trading mostly with a mixed bias. On London Metal Exchange (LME), Aluminium was up 0.08% at $1,612 whereas Copper was up 0.59% at $6,003. Zinc was up 0.22% at $2,059 while Lead was down 0.32% at $1,792.
 
MCX Copper  prices moved above the previous swing high on the hourly chart. The hourly RSI is in a bullish crossover. On the lower end, support seen at 456 while on the higher end, resistance seen at 463.

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