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Published on 10/07/2020 11:59:48 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 10/07/2020 By Enrich Commodities

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

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Copper

Technical outlook

Copper July daily chart has formed "Rising channel" pattern. The last few sessions ended up in bullish 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 485. The upside rally could be testing all the way through 488-492 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish/sideways mode. Key support holds at 480.

Technical Chart

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Natural Gas

Technical outlook

Natural gas daily chart has formed “Falling channel” pattern. The last few sessions ended up in sideways trend inside the channel. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support level holding near 133. The downside rally could be testing all the way through 130-126 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and turn bullish/sideways once again. Key resistance holds at 138.

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 4hr time frame. Last few sessions ended up in sideways mode inside the channel. The market is expected to continue on bearish momentum, once breaking below a key support level holding near 50900. The downside rally could be extending all the way up to 50500-50200 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break below support level, then it might retest the same and revise the trend to bullish/sideways mode. Key resistance holds at 52000.

Technical Chart

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Zinc

Technical outlook

Zinc July 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up in sideways trend inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 167. The downside rally could be testing all the way up to 165 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might revise the trend to bullish/sideways. Key resistance holds at 169.

Technical Chart

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