Commodity Mantra Morning Update: Gold steady, Oil up; Base Metals trade higher

Here is the global trend and our view on Commodities.

Sep 16, 2020 08:09 IST India Infoline News Service

Commodities
Gold
On Wednesday, gold price remains steady ahead of Fed decision. Spot Gold was up 0.16% at $1,957 whereas COMEX Gold Future was trading up 0.09% at $1,964 per troy ounce.

MCX Gold price has been consolidating for the last few days. The daily RSI is in the positive crossover. On the lower end support seen at 51,340 while on the higher end resistance seen at 52,100.

Oil
On Wednesday, oil price rises as hurricane shut US production. West Texas Intermediate (WTI) crude was up 1.38% at $38.81 whereas Brent crude was up 1.16% at $41.

MCX Crude oil price moved up after consolidation on the hourly chart indicating a rise of bullishness. The daily RSI is in negative crossover and falling. On the lower end support seen at 2,750 while on the higher end resistance seen at 2,950.
          
Base Metals
On Wednesday, base metals were trading with a positive bias. On London Metal Exchange (LME), Aluminium was up 0.18% at $1,796 whereas Copper was up 0.32% at $6,781 Zinc was up 0.39% at $2,512 while Lead was up 0.34% at $1,915.

MCX Copper price moved above the previous swing high on the hourly chart however, the price ended in a consolidation. The hourly RSI is in the negative crossover. On the lower end support seen at 524 while on the higher end resistance seen at 534.

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