Commodity Mantra Morning Update: Gold up, Oil down; Base Metals mixed

Here is the global trend and our view on Commodities.

May 29, 2020 08:05 IST India Infoline News Service

Commodities
Gold
On Friday, gold remained positive as US China tension rises. Spot Gold was up 0.01% at $1,719 whereas COMEX Gold Future was trading up 0.29% at $1,718 per troy ounce.
 
MCX Gold prices have sustained above 50EMA on the daily chart; however, it found resistance around previous swing high. The daily RSI is in a bearish crossover. On the lower end, support seen at 46000 while on the higher end, resistance seen at 46600.
 
Oil 
On Friday, oil slipped lower due to rise in US-China trade tensions. West Texas Intermediate (WTI) crude was down 1.01% at $33.35 whereas Brent crude was down 0.58% at $35.82.
 
MCX Crude oil prices have sustained above 50EMA on the daily chart; however, it found resistance around previous swing high. The daily RSI is in a bearish crossover. On the lower end, support seen at 2470 while on the higher end, resistance seen at 2700.
                                                                          
Base Metals
On Friday, base metals were trading with mixed bias. On London Metal Exchange (LME), Aluminium was up 0.05% at $1,539 whereas Copper was down 0.53% at $5,345, Zinc was down 0.18% at $1,937 while Lead was down 0.40% at $1,629.
 
MCX Copper prices moved above 50EMA on the hourly chart. The daily RSI is in bullish crossover. On the lower end support seen at 408 while on the higher end resistance seen at 414.

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