Commodity Mantra Morning Update: Gold weak, Oil strong; base metal on mixed bias

Here is our technical view on Commodities.

November 12, 2020 07:13 IST India Infoline News Service

Gold
MCX Gold has formed an inside day pattern on the daily chart which suggests indecisiveness. The daily RSI has entered in a negative crossover. On the lower end support seen at 50,000/49,000 while on the higher end resistance seen at 50,800.

Crude Oil
MCX Crude Oil price moved above the previous swing high on the daily chart which suggests a rise in bullish bet. The hourly RSI has entered in the positive crossover. On the lower end support seen at 3,000 while on the higher end resistance seen at 3,250.

Base Metals
MCX Copper price has found resistance around previous swing high which led to a correction. The hourly RSI has entered in the negative crossover. On the lower end support seen at 528 while on the higher end resistance seen at 540.

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