Commodity Mantra Morning Update: All commodities trade higher 9th feb 2021

MCX Gold prices has moved higher after forming a bullish harami pattern on the daily chart. The daily RSI is in a positive crossover. On the lower end support seen at 46800 while on the higher end resistance seen at 49300/49500.

MCX Crude Oil prices moved up above 4200 for the first time after several weeks. On the daily chart a bearish ABCD pattern has formed which has a negative significance. The daily RSI is in overbought zone on the weekly chart. Going forward we may see a pull towards 4000. On the lower end support seen at 4130/4000 while on the higher end resistance seen at 4300.

MCX Copper price has given a falling channel breakout on the daily timeframe. The daily RSI is in positive crossover. The metal looks a buy on dips after a initial rally. On the lower end support seen at 605 while on the higher end resistance seen at 630.