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

February 12, 2021 8:11 IST

MCX Gold prices has slipped below the previous swing low which suggest rise in near term pessimism. 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 47000 while on the higher end resistance seen at 48200.

MCX Crude Oil prices slipped lower as it found resistance around 4300. During the day price traded with mostly negativity. The daily RSI is in overbought zone and is likely to 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 within a range for the last day. The daily RSI is in negative 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 646.