MCX Gold moved up above previous consolidation on the daily timeframe which indicates a rise in optimism. However, strength in the US Govt. bond 10 years yield limited the rise in the price of yellow metal. The daily RSI is in a positive crossover. On the higher end price may continue to move higher as long as it sustains above 45000. On the higher end resistance seen at 45550/45800.
MCX Crude Oil price has slipped lower as it formed double top around 4530 on the hourly chart. Besides, price slipped below previous consolidation which suggests a rise in pessimism. Daily RSI has entered in positive crossover. On the lower end price may fall towards around 4200; on the higher end resistance seen at 4380.
MCX Copper price has moved higher after a consolidation on the daily chart. On the daily chart, Bollinger bands are likely to expand after a squeeze which is likely to make room for further upside in copper price. Both near and short term trend is likely to remain positive as long as price sustains above 674. On the lower end, support seen at 674 while on the higher end resistance seen at 700.
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