Weekly Commodity View: Gold remains rangebound, crude recovers

Here is our weekly technical view of commodities.

Feb 14, 2020 10:02 IST India Infoline News Service

MCX Gold

Gold has so far remained rangebound for the week as traders remained cautious regarding the cases of corona virus. On the higher end, 40750 has been a resistance for the rising price, whereas on the lower end, 40300 has acted as strong support. Momentum indicator RSI is in the overbought zone. Going forward, sustained trades above 40750 is likely to take the price towards 41200-41500. On the lower end, support is pegged at 40300/39900.

MCX Crude

Crude has recovered to some extent after five weeks of continuous selling, short traders booked some profit. In addition, price has moved above previous week's high, which again indicates waning bearish bets among the traders. Going forward, price may move up 3780/3900. On the lower end, price has support at 3550.

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