Commodity Mantra Morning Update: Metals lower oil higher

Here is our technical view on Commodities.

March 05, 2021 8:22 IST

MCX Gold prices slipped below previous consolidation which suggests rise of pessimism. The hourly RSI is in negative crossover and falling. The trend for the near term is likely to remain volatile as long as price sustains below 45000. On the lower end price may drift down towards 44100-44200. On the higher end price has resistance at 45000.

MCX Crude Oil price moved sharply above previous swing high on the hourly chart. On the hourly timeframe, the RSI is in positive crossover. On the lower end support seen at 4500; on the higher end resistance seen at 4800.

MCX Copper price has slipped below previous consolidation on the daily chart. The hourly RSI is in negative crossover. On the lower end support seen at 660 while on the higher end resistance seen at 690.