Commodity Mantra Morning Update: Gold up, Oil and Base Metals trading lower

Here is the global trend and our view on Commodities.

Jun 04, 2020 08:06 IST India Infoline News Service

Commodities
Gold
On Thursday, gold gained after falling below $1700 as equity market strengthened. Spot Gold was up 0.32% at $1,704 whereas COMEX Gold Future was trading down 0.16% at $1,707 per troy ounce.
 
MCX Gold prices have slipped below 50EMA on the 4 hourly chart; also, it moved below previous swing high. The daily RSI is in a bearish crossover. On the lower end, support seen at 45800, while on the higher end resistance seen at 46240.
 
Oil 
On Thursday, oil remains negative on supply rise concern. West Texas Intermediate (WTI) crude was down 1.88% at $36.59 whereas Brent crude was down 1.18% at $39.32.
 
MCX Crude oil prices have sustained above 50EMA on the daily chart; however, it found resistance around 2700. The daily RSI is in a bullish crossover. On the lower end, support seen at 2670 while on the higher end, resistance seen at 2850.
                                                                          
Base Metals
On Thursday, base metals were trading with negative bias. On London Metal Exchange (LME), Aluminium was down 0.24% at $1,562 whereas Copper was down 0.57% at $5,478, Zinc was down 0.43% at $2,008 while Lead was down 0.01% at $1,715.
 
MCX Copper prices moved above previous swing high on the hourly chart. The hourly RSI is in bullish crossover. On the lower end, support seen at 418 while on the higher end, resistance seen at 426.

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