Commodity Mantra Morning Update: Gold weak Crude and base metals in a sideward trade

Here is our technical view on Commodities.

Apr 12, 2021 07:04 IST India Infoline News Service

MCX Gold remained volatile with mostly negative bias during session on the back of strong US data. Strong PPI number from China and US kept the price of the yellow metal under pressure. Technically also, price of the gold was a bit stretched as price witnessed quick rally in the past few sessions. On the daily chart a bearish Harami pattern has formed which may trigger a bearish reversal. The daily RSI is in a negative crossover. The weakness in the price may continue in Gold as long as price sustains below 47000. On the lower end resistance seen at 47000/47500 whereas on the lower end supports are placed at 46200.
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 for the last few sessions. Daily RSI is in negative 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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