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Published on 20/05/2020 5:05:53 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 20 May 2020 By Geojit Financial

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Gold

Technical Commentary

Prices yet to make solid trades above the Bollinger upper band level of 47460 for further buying. Which if remain untouched could expect weakness towards 46840 then 46100.

 

Silver

Technical Commentary

A long liquidation move likely to develop in the coming session towards the downside objective of 48650 then to 47800. However reclaiming trades above trend line hurdle of 50000 could cajole fresh buying for today’s session.

 

Crude Oil

Technical Commentary

As long as prices hold the Fibonacci retracement level of 2330 region could expect further price recovery to 2490 then to 2540 region. In this positive note, fall past below 2330 may push prices lower.

 

Natural Gas

Technical Commentary

Decisive trades above the Bollinger middle band level of 140.20 could boost prices higher. Else hold the hindrance of the same for a corrective move towards 135.20 then to 132.70.

 

Copper

Technical Commentary

Decisive trades above the horizontal trend line resistance of 413.50 could lift prices higher to 415.80 then to 418.50 region. Botched attempt to win above 413.50 may squeeze down prices lower.

 

Nickel

Technical Commentary

As long as prices hold the Bollinger middle band level of 929 could expect prices to trade higher to 954 then to 960. But unexpected fall below 929 may push prices lower.

 

Zinc

Technical Commentary

As long as price stay below the hindrance of 158.60 could extend weakness towards the downside objective of 155 then to EMA level of 154.10. A major price recovery may establish only above 158.60

 

Lead

Technical Commentary

Direct trades above the Bollinger middle band level of 132.20 could push prices higher to 133 then to 134.80 region. Inability to crack above 132.20 would be an early sign for a corrective move towards 129.40 then to 128.10.

 

Aluminium

Technical Commentary

Prices still trapped in the trading range of 131-129.40. A firm move which breaks either side of the mentioned region could set the directional move.

 

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