On Tuesday Gold slipped lower as President Trump indicated a prospect of a quicker deal with China. Gold was trading down 29 cents at $1,492.34/ounce, whereas Comex Gold Future was trading 0.09% lower at $1,494.45/ounce.
On the hourly chart, MCX Gold has fallen below its 100EMA, which suggests a negative trend. Prices have so far found support around earlier swing lows. However, momentum indicators like RSI (14) as well as MACD are in negative crossover and falling. The overall trend looks negative: immediate support seen at 37,800. Below 37,800, Gold may drift down towards 37,650-37,500 over the near term.
On Tuesday, oil prices remained lower as investor stayed on the sideline ahead of inventory data. Brent crude was down 35 cents, or 0.57%, at $61.22/bbl. West Texas Intermediate (WTI) crude was down 9 cents, or 0.16%, at $55.72/bbl.
MCX crude oil has made a double top on the hourly chart. However, the trend is still bullish as it is so far trading above 100EMA on the hourly chart. Momentum indicators like RSI and MACD are in negative crossover and falling, which indicates negative price momentum. However, strong selling is not expected as long it is sustaining above 3,915. On the other hand, a decisive fall below 3,915 may trigger correction towards 3,800. On the higher end, resistance is visible at 4,050.
On Tuesday, base metals were trading with a mostly negative bias. On London Metal Exchange (LME), Aluminium was up 0.13% at $1,735, whereas Copper was down 0.15% at $5907.50. Zinc was up 0.23% at $2,540.50, while Lead was up 0.04% at $2228.50.
On the hourly chart, MCX Copper price has fallen below its 100EMA which suggests a negative trend in the metal. Prices have so far found support around earlier swing lows. However, momentum indicators like RSI (14) as well as MACD are in negative crossover and falling. The overall trend looks negative; immediate support seen at 435.50. Below 435.50, Copper may drift down towards 334-332.