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Published on 1/07/2020 2:46:41 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 1/07/2020 By Enrich Commodities

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Copper

Technical outlook

Copper July daily chart has formed "Rising channel" pattern. The last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 465.50. The upside rally could be testing all the way through 468-471 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. Key support holds at 458.

Technical Chart

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Natural Gas

Technical outlook

Natural gas daily chart has formed “Falling wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key resistance holding at 132. The upside rally could be testing all the way through 135-138 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and turn bearish/sideways once again. Key support holds at 122.

Technical Chart

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Silver

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 2hr time frame. Last few sessions ended up in sideways mode, retesting near the channel’s support line. The market is expected to continue on bullish momentum, once the prices breaks above a key resistance area holding near 50450. The negative rally could be extending all the way up to 50800-51100 levels in the upcoming sessions. An alternative scenario indicates that if the resistance holds strong then the market might retest the same and revise the trend to bearish/sideways mode. Key support holds at 49500.

Technical Chart

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Zinc

Technical outlook

Zinc June 2hr Chart has formed "Rising wedge" pattern. The last few sessions ended up in sideways trend inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 163. The downside rally could be testing all the way up to 161 levels in the upcoming sessions. Alternatively, if the market struggles to break below support level, then it might revise the trend to bullish/sideways. Key resistance holds at 166.

Technical Chart

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