Commodity Mantra Morning Update: Commodities remain volatile - March 03

Here is our technical view on Commodities.

March 03, 2021 8:12 IST

MCX Gold prices remained volatile with bias throughout the session. On the hourly chart, price has sustained below its previous swing low. The hourly RSI is in positive crossover. The trend for the near term is likely to remain weak as long as price sustains below 46000. On the lower end price may drift down towards 44700/44200. On the higher end price has resistance at 46000.

MCX Crude Oil price remained volatile during the session. On the hourly chart, price has formed lower bottom before closing a bit higher. On the hourly chart, the RSI is in positive crossover. On the lower end support seen at 4340; on the higher end resistance seen at 4600.

MCX Copper price has found support around previous swing low and revered sharply. The daily RSI is in positive crossover and rising. On the lower end support seen at 699 while on the higher end resistance seen at 726.