Commodity Mantra Morning Update: Gold weak Oil steady while base metals trade higher

Here is our technical view on Commodities.

February 19, 2021 8:22 IST

MCX Gold prices slipped below previous swing low on the daily chart which suggests rise of bearishness. 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 started higher but failed carry the momentum throughout the day. On the hourly chart, price has found resistance around 4500. However, the overall bias is expected to remain positive as long as price sustains above 4400. On the lower end support seen at 4400/4270; on the higher end resistance seen at 4550.

MCX Copper price moved above previous swing high on the hourly chart which suggests optimism. On the lower end price found support around 650; therefore, the support has shifted up from 640 to 650. The daily RSI is in positive crossover. On the lower end support seen at 648 while on the higher end resistance seen at 665.