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Published on 16/04/2020 5:00:12 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 16 April 2020 By Geojit Financial

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Gold

Technical Commentary

Present north trajectory move likely to upheld in the coming session towards 47080 then to 47320. But slippage past 46580 may push prices lower.

 

Silver

Technical Commentary

Prices possibly to float with in the range of 44700-43150. A firm move which breaks either side of the aforementioned region could set off fresh directional move.

 

Crude Oil

Technical Commentary

Established weakness possibly to extend in the coming session towards the bollinger lower band level of 1450 then to 1420 region. On the flipside rise above 1620

 

Natural Gas

Technical Commentary

Simmering weakness may extend lower towards 120.40 firstly then to bollinger lower band level of 115.40 region. Although a price recovery above the hourly SMA level of 126 may bid fresh buying for today’s session.

 

Copper

Technical Commentary

As long as prices hold the support level of 394 could expect price recovery further to Fibonacci retracement level of 398 followed by EMA level of 405.30. Slip below 394 may dent our buying expectation.

 

Nickel

Technical Commentary

Present buying may extend towards the EMA objective of 915, but may continue only by above the same with solid volume and such move may test 924 or even more to 931. Failure to sustain above 915 may grab prices lower.

 

Zinc

Technical Commentary

Intraday weakness may be seen only below 150 region. Else, current price recovery may persist towards upside objective of 153 followed by the EMA level of 155.40 region.

 

Lead

Technical Commentary

Decisive trades above the bollinger middle band level of 136.30 could push prices higher. If not, hold the hindrance of 136.30 for a price slippage to 134.50 or even lower.

 

Aluminium

Technical Commentary

By breaking the SMA level of 134.20 could squeeze down prices lower. Botched attempt to challenge below the same may lift prices to trend line resistance of 135.10 followed by the EMA level of 136 region.

 

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