Here is our technical view on Commodities.
February 23, 2021 7:30 IST
MCX Gold prices traded with strength after several days. Price moved up after a downwards consolidation. The daily RSI has entered in a positive crossover. However, the near term trend remains sideward as long as it sustains below 47000. On decisive trade above 47000 the yellow metal may move towards 47600, on the lower end support is visible at 46400.
MCX Crude Oil price moved up after a fall in the previous session. Price managed to move above 4400 on the back of buying around 4300. The near term bias is likely to remain bullish as long as price sustains above 4300. On the lower end support seen at 4300; on the higher end resistance seen at 4500.
MCX Copper price continued to remain in the strength. Strong helped the price to remain in the green throughout the session. The daily RSI is in positive crossover; however, it is in deep into the overbought zone therefore, a consolidation in the near term is not ruled out. On the lower end support seen at 698 while on the higher end resistance seen at 745.