Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 02 February 2021 By Geojit Financial
BULLION
GOLD
Corrective dips in prices may find support at 47780 region or even lower. Meanwhile, a sharp rise above 48520 may induce buying interest.
SILVER
Prices necessarily have to break above the resistance of 74100 to regain momentum. Intraday move may be largely with corrective dips and mild rebounds. Major weakness expected only below 67800 region.
ENERGY
CRUDEOIL
Present rebound may extend higher towards 4020 region or even higher. Meanwhile, a slip below 3930 may weaken prices for the day.
NATURAL GAS
Prices appear firm, however, next phase of buying is expected only above the trend line support of 221.50 region. Else, corrective dips may be witnessed in the intraday.
BASE METALS
Copper
Prices may appear pressure below the trend line support of 585.80 region. Meanwhile, a vertical rise above 597 may strengthen the momentum.
NICKEL
Rise above 1310 may strengthen buying momentum. Else, corrective dips may be witnessed in the counter.
BASE METALS
Zinc
Sustained trades below 207 region could anticipate further weakness in the intraday. On the flipside, Intraday buying may be seen only by tangible trades above 207 region.
Lead
Prices may appear weaker as long as it remained below 163.60 region on Bollinger mid band. Whereas, a rise above 163.60 may bid a fresh buying for todays session.
BASE METALS
Aluminium
Weakness expected to prevail in the counter and extend lower in the upcoming session if prices remained below the Bollinger middle band level of 163.40 region. Rebound above 163.40 may lift prices higher.
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