Commodity Mantra Morning Update: Metals lower Oil higher

Here is our technical view on Commodities.

Apr 13, 2021 07:04 IST India Infoline News Service

Commodities
MCX Gold remained sideward throughout the trading session. On the daily chart, a bearish Harami pattern has got followed up by a bearish candle which shows waning bullishness for the near term. 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 has witnessed an intraday rally on the back of consolidation breakout. On the lower price found support around 4400; on the higher end price moved above 4550 before closing near the middle of the range. Going forward, the price may remain volatile; on the higher end a decisive move above 4550 may induce a rally in the oil price. On the lower end price may find support around 4400.
           
MCX Copper price has remained sideward throughout the session for the fifth day in a row. On the daily chart, price has been consolidating for the last few sessions. Daily RSI is in negative crossover. 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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