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Published on 7/05/2020 5:18:28 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 07 May 2020 By Geojit Financial

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Gold

Technical Commentary

Next phase of buying could see only above the falling trend line resistance of 45750 region. Botched attempt to crack above the same may grab prices lower to 45100 then to 44750.

 

Silver

Technical Commentary

Prices yet to make sustainable trades above the hurdle of 42900 to initiate a major recovery move. Inability to challenge above the same could trigger a long liquidation move to 41500 followed by 40790.

 

Crude Oil

Technical Commentary

Prices have been approaching towards the immediate hindrance of 2035,which if broke could push prices further higher. Else hold the same for a corrective move towards the downside objective of 1925 then to 1845 region.

 

Natural Gas

Technical Commentary

As long as prices hold the support of 144.30 region could expect recovery to 153 then to 158 region. On the contrary, fall past below 144.30 would be an early sign for a corrective move for today’s session.

 

Copper

Technical Commentary

Customary buying sentiments largely to extend towards the upside objective of 407.80 then to 410.80 region. But a surprise fall below 401.30 may push prices lower.

 

Nickel

Technical Commentary

Intraday move is expected to be upside towards the upside objective of 943 then to 952 region. But fall below the EMA level of 922 may dent our buying expectation.

 

Zinc

Technical Commentary

Prices possibly to float higher in the coming session towards 155.10 firstly then to 156.40. On the flipside, a dip below 153 may push prices lower.

 

Lead

Technical Commentary

Intraday prices recovery may be seen only above the 134.20 region. Which if remain untouched could expect weakness to Bollinger lower band level of 130.70 then to 129.50

 

Aluminium

Technical Commentary

Direct rise above the Bollinger middle band level of 132 region could lift price higher to 132.80 then to 133.40 region. Inability to crack above 132 may push prices lower.

 

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