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Published on 12/05/2020 5:17:48 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 12 May 2020 By Geojit Financial

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Gold

Technical Commentary

Broad buying may persist towards the upside objective of 46200 then to 46480 region. Conversely, fall below 45530 may push prices lower.

 

Silver

Technical Commentary

Intraday move is largely to be northbound with an immediate objective of 44350 then to 44720. In this positive bias, a vertical fall below 43200 may dent our buying expectation.

 

Crude Oil

Technical Commentary

Prices clearly holding the Fibonacci retracement level of 1780 region. Which if remain undisturbed could expect further recovery to 1970 then to 2040 region. Weakness may be seen only below 1780.

 

Natural Gas

Technical Commentary

As long as prices trade above the trend line support of 136.80 could expect a price recovery to 143.70 then to 146.80. But decisive trades below 136.80 may push prices lower.

 

Copper

Technical Commentary

Current feebleness of prices likely to continue in the coming session towards the downside objective of 401.70 then to 399 region. On the flipside direct rise above 407.40 could lift prices higher.

 

Nickel

Technical Commentary

By breaking the support level of 927 could trigger fresh selling for intraday. Else, prices may hold the support for a recovery to 944 then to 956 region.

 

Zinc

Technical Commentary

Present long liquidation move likely to extend lower towards the EMA level of 153.80 then to 152 region. But rise above 156.90 may induce fresh buying for today’s session.

 

Lead

Technical Commentary

Direct fall below 131 region could grab prices lower. Botched attempt to crack below the same could lift prices higher to Bollinger middle band level of 133.50 region.

 

Aluminium

Technical Commentary

Weakness may persist towards the downside objective of 130 then to Bollinger lower band level of 129.50 region.

 

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