Commodity Mantra Morning Update: Metals volatile, Oil steady

Here is our technical view on Commodities.

Jan 20, 2021 08:01 IST India Infoline News Service

Commodities
MCX Gold prices remained volatile throughout the session. However, price stayed above previous day’s low but moved above previous day’s high. The hourly RSI has entered in a positive crossover. On the lower end, support seen at 48500 while on the higher end, resistance seen at 49200.

MCX Crude Oil prices formed an inverted hammer pattern on the daily chart; also, the price moved up after the pattern formation suggesting a rise of optimism. The daily RSI is in positive crossover. On the lower end, support seen at 3750 while on the higher end, resistance seen at 3920.

MCX Copper price remained sideward during the previous session. The hourly RSI is in positive crossover. On the lower end, support seen at 599 while on the higher end, resistance seen at 616.

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