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Published on 5/08/2020 11:08:01 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 05/08/2020 By Enrich Commodities

Posted in Commodities Reports| #Commodity Tips #Enrich Commodities India Pvt Ltd

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Copper

Technical outlook

Copper Aug future daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 509. The upside rally could be testing all the way through 513-516 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds at 499.

Technical Chart

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Natural Gas

Technical outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up in bullish mode testing near the channel’s resistance line. The market is expected to continue on the bullish momentum based on the price action, once the same breaks above a key resistance level holding near 165. The upside rally could be testing all the way through 168-171 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and turn bearish/sideways once again. Key support holds at 156.

Technical Chart

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Silver

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum, once breaking above a new resistance level holding near 70150. The upside rally could be extending all the way up to 70550-71000 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds at 67550.

Technical Chart

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Zinc

Technical outlook

Zinc Aug future daily Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same break above a stiff resistance holding near 186. The upside rally could be testing all the way up to 188- 189 levels in the upcoming sessions. Alternatively, if the market struggles to break above resistance, then it might retest the same and revise the trend to bearish/sideways. Key support holds at 182.

Technical Chart

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