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Published on 22/05/2020 5:29:23 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 22 May 2020 By Geojit Financial

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Gold

Technical Commentary

Prices expect to float within the range of 46500-47200. A firm move which breaks either side of the mentioned region could set the trend.

 

Silver

Technical Commentary

As long as prices hold the support of 47400 region could expect further gains to 48800 followed by 49350 region. But fall below 47400 may push prices lower.

 

Crude Oil

Technical Commentary

Present selling momentum likely to continue in the coming session towards the downside objective of Fibonacci retracement level of 2325 followed by 2250 region. On the flipside, intraday price recovery could see only above 2485 region.

 

Natural Gas

Technical Commentary

As long as prices hold the hindrance of 131.30 could expect weakness towards the downside objective of 125 then to 122.20 region. Intraday price recovery could see only above 131.30 region.

 

Copper

Technical Commentary

Current feebleness of prices likely to stretch lower in the coming session towards the downside objective of 403.20 then to 400.50. But direct rise above 409.30 may cajole fresh buying for intraday .

 

Nickel

Technical Commentary

Fall past below the trend line support of 913 could squeeze down prices lower to 902 initially then to 886. But there is equal plausible chance of a price recovery if prices failed to mark trades below 913 region.

 

Zinc

Technical Commentary

Current weakness may largely to extend towards the downside objective of 153 then to 152.20. But solid trades above SMA level of 154.75 could boost prices higher.

 

Lead

Technical Commentary

Current feebleness of prices may continue in the coming session towards the downside objective of 129 then to 128.20 region. But rise above 130.60 could boost prices higher Bollinger middle band level of 131.90 region.

 

Aluminium

Technical Commentary

Prices seen just above the Bollinger lower band level of 129.30 region. Which if breaks down could expect further weakness towards 128 or even lower. Inability to crack below 129.30 could bid fresh buying.

 

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