Commodity Mantra Morning Update: Gold and oil volatile base metals remain steady

Here is our technical view on Commodities.

February 11, 2021 7:30 IST

MCX Gold prices has remained highly volatile during the last session. On the lower end price found support above 47800 whereas on the higher end price found resistance around 48400. The daily RSI is in a positive crossover. On the lower end support seen at 47500 while on the higher end resistance seen at 48800.

MCX Crude Oil prices remained volatile within a narrow range. The daily RSI is in overbought zone on the weekly chart and may induce a correction in the near term. Going forward we may see a pull back towards 4000. On the lower end support seen at 4130/4000 while on the higher end resistance seen at 4300.

MCX Copper price has remained strong for the fourth consecutive sessions. The daily RSI is in positive crossover. The metal continues to remain a buy on dips. On the lower end support seen at 626 while on the higher end resistance seen at 650.