Commodity Mantra Morning Update: Gold, steady Oil lower; Base Metals trading with a mixed bias

Here is the global trend and our view on Commodities.

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

Commodities
Gold
On Tuesday, gold remains steady on high US coronavirus cases. Spot Gold was up 0.04% at $1,784 whereas COMEX Gold Futures was trading down 0.05% at $1,794 per troy ounce.
 
MCX Gold prices formed a bullish engulfing pattern on the daily chart which is a bullish set up. 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 48000 while on the higher end, resistance seen at 48430.
 
Oil 
On Tuesday, oil slips lower as US coronavirus cases rises. West Texas Intermediate (WTI) crude was down 0.54 at $40.41 whereas Brent crude was down 0.53% at $42.87.
 
MCX Crude oil prices 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 Tuesday, base metals were trading with a mixed bias. On London Metal Exchange (LME), Aluminium was down 0.08% at $1,633 whereas Copper was up 0.29% at $6,157. Zinc was up 0.44% at $2,060 while Lead was down 0.14% at $1,793.
 
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 465 while on the higher end, resistance seen at 474.

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