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Published on 7/08/2020 5:09:27 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 7th August 2020 By Geojit Financial

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

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Gold

Technical Commentary

Customary buying sentiments may continue in the coming session towards 56500 ten to 56800. But there is equal plausible chance of a corrective downside fall if prices closed below 55570.

 

Silver

Technical Commentary

Prices possibly to persist the broad buying momentum towards the upside objective of 76500 followed by 78000. In this bullish sentiments, drop below 73300 may call fresh selling for today’s session.

 

Crude Oil

Technical Commentary

Prices still in wide consolidation range on a broader perspective. However, if 3205 region remain untouched could expect a downside corrective move towards 3035 then to 2975. But rise above 3205 may push prices further higher.

 

Natural Gas

Technical Commentary

Rise above 167.80 could lift prices higher. Inability to crack above the same may pave for fresh long liquidation towards the downside objective of 160.40 then to 157.50.

 

Copper

Technical Commentary

Intraday move largely to be northbound unless prices slipped below downside obstacle of 508.20 region. Break below 508.20 may validate intraday selling pressure to 505.

 

Nickel

Technical Commentary

As long as prices hold the hourly EMA level of 1086 could expect broad buying to retain towards 1108 then to 1116. On the other hand direct fall below 1086 may grab prices lower.

 

Zinc

Technical Commentary

Established buying momentum may scale higher in the coming session towards the Bollinger upper band level of 192 then to 192.90 region. However, dip below 188.80 may bid a long liquidation move.

 

Lead

Technical Commentary

MACD positive cross over and pattern suggest further price gain in the coming session towards the upside objective of 155.50 then to 156.30. On the flipside, slip below 152.80 may push prices lower.

 

Aluminium

Technical Commentary

Claim above the Bollinger upper band level of 148 could boost prices higher to 149.40 then to 150 region. Inability to crack above the hurdle of 148 may push prices lower 145.80 then to 145 region.

 

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