Commodity Mantra Morning Update: Metals trade lower oil steady 28th Jan 2021

MCX Gold prices slipped below previous low which increased selling pressure. The hourly RSI is in a negative crossover. The sentiment remains sideward to negative. On the lower end support seen at 48600 while on the higher end resistance seen at 49200.

MCX Crude Oil prices remained volatile in a small range for the day. On the lower end it found support at 3800 whereas on the higher end 3900 has acted as resistance. The hourly RSI is in negative crossover. On the lower end support seen at 3750 while on the higher end resistance seen at 3940.

MCX Copper price slipped to the previous low on the hourly chart. The hourly RSI is in positive divergence with a positive crossover. The price may recover once it sustain above 600. On the lower end support seen at 595 while on the higher end resistance seen at 608/616.