Commodity Mantra Morning Update: Gold Steady oil volatile while base metals remain strong

February 10, 2021

MCX Gold prices remained sideward during the last session. A breather after two back to back green days is considered healthy. The daily RSI is in a positive crossover. On the lower end support seen at 46800 while on the higher end resistance seen at 49300/49500.

MCX Crude Oil prices remained volatile during the last trading session. 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 third 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 617 while on the higher end resistance seen at 644.