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Published on 5/05/2020 5:21:45 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 05 May 2020 By Geojit Financial

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Gold

Technical Commentary

As long as prices trade below the SMA level of 45900 region could expect a corrective move towards the downside objective of 45220 followed by 44870. Next stage of price recovery could see only above 45900 region.

 

Silver

Technical Commentary

Weakness may extend lower in the coming session towards the downside objective of 41150 then to Bollinger lower band level of 40580 region. On the other hand, sturdy trades above 42100 could lift prices higher.

 

Crude Oil

Technical Commentary

Ensuing recovery move likely to uphold in the coming session towards the Fibonacci retracement objective of 1780 then to 1830 region. But fall past below 1645 may push prices lower.

 

Natural Gas

Technical Commentary

Present technical formation and indicators point to further recovery to 163 then to 165.70 region. But dip below 156 could cajole fresh selling for intraday.

 

Copper

Technical Commentary

Direct fall below the Bollinger middle band level of 397.70 could squeeze down prices lower. Else hold the same for a prices recovery to 404.50 or even higher.

 

Nickel

Technical Commentary

As long as prices hold the EMA level of 920 could expect corrective move further down towards 899 then to 886. But rise above 920 may lift prices higher.

 

Zinc

Technical Commentary

A major prices recovery may be seen only above 151.40.Else could expect prices to continue broad weakness to 148.40 or even lower to Bollinger lower band level of 146 region.

 

Lead

Technical Commentary

Decisive trades above the sloping trend line resistance of 135 could lift prices higher to 136.20 followed by EMA level of 137.90 region. Failure to crack above the same may push down prices lower to 132.80 then to 131.60.

 

Aluminium

Technical Commentary

If prices trade below the SMA level of 131.70 region could expect a corrective move towards the downside objective of 130 then to 129.40 region. Intraday prices recovery could see only above 131.70.

 

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