Commodity Mantra Morning Update: Gold steady, Oil volatile while base metals remain in mix trade

Here is our technical view on Commodities.

Apr 08, 2021 07:04 IST India Infoline News Service

MCX Gold continues its upward journey for the second consecutive day. On the 4 hourly chart price, has sustained above 100EMA. The daily RSI is in a positive crossover. Going forward, price may continue to move higher as long as it sustains above 45950. On the higher end resistance seen at 46600.
MCX Crude Oil price remained choppy for the session. On the higher end price found resistance around 4470 whereas on the lower end price found support around 4350. The trend is likely to remain sideward for the day as long as price trades within the range. On the higher end a decisive move above 4500 may induce a rally in the oil price. On the lower end price may find support around 4350; on the higher end resistance seen at 4500.
MCX Copper price has remained sideward throughout the session. On the hourly chart, price has formed a double top which suggests near term weakness in the price as long as price sustains below 696. On the lower end price may correct on the intraday basis towards 685/680. However, the trend for the short term is likely to remain bullish as long as price sustains above 674. On the higher end resistance seen at 696/707.

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