Commodity Mantra Morning Update: Gold lower oil strong base metal steady

Here is our technical view on Commodities.

February 26, 2021 7:20 IST

MCX Gold prices has been falling with a lower top lower bottom formation on the hourly timeframe. In addition, price has slipped below its previous swing low on the hourly chart. However, the hourly RSI is in positive divergence which suggests a recovery in the price momentum in the near term. On the higher end price has resistance at 46800. Upon decisive trade above 46800 the yellow metal may move towards 47500, on the lower end support is visible at 46000.

MCX Crude Oil price has been moving higher with a higher top higher bottom, formation on the hourly chart. The hourly chart, the RSI is in positive crossover. On the lower end support seen at 4600; on the higher end resistance seen at 4750.

MCX Copper price started on a higher and witnessed a profit taking during the session. The daily RSI is in negative crossover and falling. On the lower end support seen at 690 while on the higher end resistance seen at 735.