Commodity Mantra Morning Update: Metals strong; Oil looks weak

Here is our technical view on Commodities.

Oct 22, 2020 07:10 IST India Infoline News Service

Commodities
Gold
MCX Gold price has moved above previous swing high; also the price has given symmetrical triangle breakout on the daily time frame which suggests a spike in optimism. The daily RSI is in positive crossover and rising. On the lower end support seen at 51000 while on the higher end resistance seen at 51900.

Crude Oil
MCX Crude oil price has given a trendline breakdown on the hourly chart. The daily RSI is in a negative crossover. On the lower end support seen at 2880 while on the higher end resistance seen at 3060.

Base Metal
MCX Copper price has moved above previous consolidation high on the daily chart. The hourly RSI is in positive crossover. On the lower end support seen at 534 while on the higher end resistance seen at 546.

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