Commodity Mantra Morning Update: Commodities remain volatile

Here is our technical view on Commodities.

February 24, 2021 7:25 IST

MCX Gold prices traded with volatility throughout the day. Price moved up higher but failed to continue with the bullish momentum before closing a bit off the high. The daily RSI has entered in a negative crossover. Upon decisive trade above 47000 the yellow metal may move towards 47600, on the lower end support is visible at 46400.

MCX Crude Oil price started the day with a decent gain but failed to capitalise the early gain as the crude oil ended the session with a marginal gain. However, 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 started lower and remained a bit range-bound during the day. The daily RSI is in negative crossover. The overall bias is bullish for the short term; however, over the near term the orange metal may remain in consolidation. On the lower end support seen at 688 while on the higher end resistance seen at 725.