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Published on 8/05/2020 6:00:42 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 08 May 2020 By Geojit Financial

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Gold

Technical Commentary

As long as prices hold the SMA level of 45830 region could extend present buying towards the upside objective of 46700 or even higher to Fibonacci retracement level of 47300. On the other hand, weakness could see only below 45830.

 

Silver

Technical Commentary

Prices possibly to trade higher in the coming session towards the upside objective of 44350 then to intermediate trend line resistance of 44720 region. But direct fall below 43200 may squeeze down prices lower.

 

Crude Oil

Technical Commentary

A major fall could trigger only below the internal trend line support of 1750 region. Which if holds downside could expect further buying to 1930 initially then to 2020 region.

 

Natural Gas

Technical Commentary

Current feebleness of prices likely to stretch lower in the coming session towards the downside objective of 140.70 then to 137.40. But a surprise rise above 147.50 may push prices higher.

 

Copper

Technical Commentary

Tangible trades above the 410.80 could boost prices higher towards the upside objective of 412.50 firstly then to 415 region. But there is equal plausible chance of a corrective unless prices stuck above 410.80.

 

Nickel

Technical Commentary

Fall below the EMA level of 922 would trigger fresh selling for today’s session. While if prices hold the same could a price rebound to 943 then to 952 region.

 

Zinc

Technical Commentary

Prices possibly continue the present buying momentum towards the upside objective of 155.40 then to 156.50. But fall past below the candle low of 152.80 may grab prices lower.

 

Lead

Technical Commentary

Weakness may persist towards the Bollinger lower band level of 130.40 region then to 129.50 region. While rise above 133.10 could lift prices higher.

 

Aluminium

Technical Commentary

If prices slip below the downside hurdle of 130.50 could push down prices lower. Failure to crack below the same could lift prices higher to Bollinger upper band level of 132 then to 132.70 region.

 


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