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Published on 23/09/2020 5:53:18 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 23 September 2020 By Geojit Financial

Posted in Commodities Reports| #Commodity Tips #Geojit Financial Services Ltd

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Gold

Technical Commentary

Current long liquidation move may stretch lower towards the Fibonacci retracement level of 49600 then to 49250. Nevertheless, a surprise move above 50420 could lift prices higher.

 

Silver

Technical Commentary

Consecutive days of selling bias may possibly to continue in the upcoming session towards 58800 then to 57200. But sustainable trades above 60700 could invite fresh buying for today’s session.

 

Crude Oil

Technical Commentary

As long as prices hold the support level of 2875 could expect price recovery towards the upside objective of 2980 followed by 3040. But slippage below 2875 could dent our buying expectation

 

Natural Gas

Technical Commentary

Short covering move may live up only by promising trades above 140 region. Inability to succeed above the same may squeeze down prices lower to 132 followed by 129.

 

Copper

Technical Commentary

Prices still in the previous day trading range. However, if prices remain below 533 could expect intraday weakness towards 525 then to 522.20 region. But break above 533 may bid fresh buying.

 

Nickel

Technical Commentary

By breaking the downside hindrance 1045 may squeeze down prices further lower in the coming session 1027 or even lower. But there is equal plausible chance of a price recovery unless price broke the level of 1045.

 

Zinc

Technical Commentary

As long as prices hold the upside hindrance of 195.40 could expect further weakness towards 191.80 followed by 190.30 region. But direct rise above 195.40 could boost prices higher.

 

Lead

Technical Commentary

Weakness may possibly to persist towards 144.40 then to 143.80. But direct rise above 146.40 could bid a short covering move towards the upside objective of 148.

 

Aluminium

Technical Commentary

Rise above the Bollinger middle band level of 145.30 could boost prices higher. Which if remain untouched could anticipate corrective move toward the downside objective of 143.40 then to 141.90.

 

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