Commodity Mantra Morning Update: Gold and oil volatile base metals trade with strength 29th Jan

MCX Gold prices remained volatile throughout the session. On the higher end it found resistance around 49300 whereas on the lower it found support above 48600. The daily RSI is in a negative crossover. The sentiment remains sideward to negative. On the lower end support seen at 48600/48200 while on the higher end resistance seen at 49350.

MCX Crude Oil prices remained highly volatile for the day. On the lower end it found support around 3800 whereas on the higher end 3920 has acted as resistance. The daily RSI is in negative crossover. On the lower end support seen at 3750 while on the higher end resistance seen at 3940.

MCX Copper price slipped below previous session’s low in the starting of the trading session; however, the recovery was visible as the day continued. The hourly RSI is in positive crossover. The price may continue to recover once it sustain above 600. On the lower end support seen at 590 while on the higher end resistance seen at 608/616.