Weekly Commodity View: Gold rises, crude oil extends gains

Here is our weekly technical view of commodities.

Feb 20, 2020 10:02 IST India Infoline News Service

MCX Gold

Gold has given a rally on the back of rise in new cases of coronavirus. On the weekly chart, it has given a consolidation breakout. The momentum indicator RSI is in bullish crossover on the weekly timeframe. Going forward, sustained trades above 41500 is likely to take the price towards 42000-42200. On the lower end support is pegged at 41300/41000.

MCX Crude

Crude has recovered for the second consecutive week extending the gains of previous week. The rally was backed by short covering in the crude future. Once again, price has moved above previous week's high, which again indicates rising bullish bets. Going forward, price may move up 3900/4000. On the lower end price has support at 3750.

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