Commodity Mantra Morning Update: Gold and oil lower whereas base metals remain mix

MCX Gold traded with mostly bearishness on the back of strong US dollar and rising bond yield. Technically, price has been trading around the near term support of 44000. The hourly RSI is in positive crossover and in positive divergence. The trend for the near term is likely to remain weak till price sustains below 44600. A decisive breakout above 44600 may induce further recovery in the price. On the lower end, crucial support is place at 44000.

MCX Crude Oil price continued to fall as it faced resistance below 5000. On the lower end price has found initial support above 4750. The hourly RSI is in negative crossover. On the lower end support seen at 4750/4600; on the higher end resistance seen at 4900.

MCX Copper price continues to move with a higher top higher bottom formation on the hourly chart. The hourly RSI is in positive crossover. On the lower end support seen at 680 while on the higher end resistance seen at 705.