Commodity Mantra Morning Update: Metals lower Oil steady

Here is our technical view on Commodities.

Apr 30, 2021 07:04 IST India Infoline News Service

Commodities
MCX Gold remained volatile during the day with mostly negative bias. On the higher end it found resistance around 47300 whereas on the lower price found support around 46400. The daily RSI (14) is in negative crossover. The short term bias is likely to remain volatile as long as price trades below 47000.On the lower end support seen at 46400. On the higher end resistance at 47300-47500.
  
MCX Crude Oil started around previous session’s close and moved above previous session’s high. The daily RSI is in positive crossover. The bias is likely to remain positive as long as price stays above 4700. On the higher end price may move towards 4900.
           
MCX Copper price found resistance around the recent high and slipped lower. On the lower end price slipped below 760. Daily RSI is in negative crossover. However, the short term trend may remain positive as long as it sustains above 755. On the higher end resistance seen at 765-770.
           

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