Commodity Mantra Morning Update: Gold declined oil and base metals remained sideward

February 18, 2021 8:22 IST

MCX Gold prices remained highly volatile during previous session. On the lower end price found support at the rising trend line on the daily chart on sustained trade basis. The daily RSI is in a negative crossover. The near term trend remains weak; however, proximity to the support may induce some pullback in the price. On decisive break below 46000 may trigger a further correction in the Gold price. On the higher end resistance is visible around 47000.

MCX Crude Oil price remained volatile during the last session. On the higher end it found resistance around 4450 whereas the falling price found support above 4300. On the hourly chart, price has formed a double top around 4450 and slipped lower which suggests a near term top formation. The next rally in oil price may be seen only above 4450. On the lower end support seen at 4250 fresh rounds of buying is expected above 4450, which may take the price towards 4550 over the near term.

MCX Copper price traded with volatility for the day. On the lower end price found support around 640 whereas on the higher end price failed to move beyond 650. The daily RSI is in positive crossover. On the lower end support seen at 638 while on the higher end resistance seen at 652.