Commodity Mantra Morning Update: Gold up Oil steady base metals in the green

Here is our technical view on Commodities.

Apr 09, 2021 07:04 IST India Infoline News Service

MCX Gold continues its upward journey for the third consecutive day, gaining 2500 points in just 6 trading session. The rally after a consolidation has been spectacular so far. However, after a sharp rally in quick sessions, price may pause in the near term, before any further directional move. The daily RSI is in a positive crossover and rising. Going forward, price may continue to remain strong as long as it sustains above 46550. On the higher end resistance seen at 47000/47500.
MCX Crude Oil price remained sideward during the session. Price failed to provide a breakout on either sides of the band resulting a ranged trading during the day. 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 daily chart, price has been consolidating after a sharp rise. Daily RSI is in positive crossover and rising. The trend may remain sideward as long as price sustains below 696. A decisive breakout above 696 may induce strong rally in the price of copper.

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