Commodity Mantra Morning Update: Gold and oil steady while base metals remain weak

Here is our technical view on Commodities.

January 01, 2021 7:22 IST India Infoline News Service

MCX Gold prices has continued to remain sideward on the daily timeframe. The daily RSI is has entered in a positive crossover. On the lower end support seen at 49700 while on the higher end resistance seen at 50500.

MCX Crude Oil price has remained sideward during the session. A bearish engulfing pattern can be seen on the daily chart. The daily RSI is in negative crossover. On the lower end support seen at 3470 while on the higher end resistance seen at 3580.

MCX Copper price has sustained below the middle Bollinger band for the second consecutive days. The trend looks negative for the near term. The daily RSI is in negative crossover. On the lower end support seen at 587 while on the higher end resistance seen at 601.

Related Story

Get Access to Stock Reports+ and Customised Investment Ideas