Commodity Strategies News Today : Breaking News, Live Updates & Top Stories | Vimarsana

By Tapan Patel Commodity prices traded mixed on Thursday, continuing the trend from the previous session. On Wednesday, the bullion prices traded marginally down while base metals traded firm on weaker dollar and demand growth prospects. Crude oil prices rallied by nearly 5 per cent on bullish weekly inventory data and geopolitical risk. US Treasury yields rose on Wednesday while dollar index traded weak. Here is a look at how different commodities are behaving in today’s market. Outlook: Bullion Bullion prices traded higher with spot gold price at COMEX was trading near $1739 per ounce whi...

Bullion prices halted declines with progress on $1.9 trillion stimulus package. However, the precious metals are still under selling pressure due to firm bond yields and stronger dollar which may limit the upside for short term.

The strength index RSI for MCX Gold is hovering in the oversold zone (26) suggesting weakness in strength. However, this oversold nature of RSI could limit more downside in gold prices.

On the momentum front RSI for MCX Gold February is trading below50 (44) suggesting a sideways trend.