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Published on 21/05/2020 5:22:45 PM | Source: Geojit Financial Services Ltd

Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 21 May 2020 By Geojit Financial

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Gold

Technical Commentary

Intraday move largely to be downside with an immediate objective of 46420 then to Bollinger middle band level of 46100. But retreating trades above 46990 may lift prices back to higher levels.

 

Silver

Technical Commentary

Present long liquidation move possibly to extend lower in the coming session towards the downside objective of 47900 then to 47500. But reclaiming trades above 49100 may push prices higher.

 

Crude Oil

Technical Commentary

Indicators and chart formation suggest further recovery in the coming session towards the upside objective of 2670 then to Bollinger upper band level of 2740 region. But a direct fall below 2520 may push prices higher.

 

Natural Gas

Technical Commentary

If prices hold the upside obstacle of 136.70 could expect further weakness towards the downside objective of 126.80 then to 124. Meanwhile, rise above 136.70 may boost prices higher.

 

Copper

Technical Commentary

As long as prices hold the Fibonacci retracement level of 411.70 could expect further buying to 419.90/ 423. But break below 411.70 may dent our buying expectation.

 

Nickel

Technical Commentary

Consecutive days of buying sentiments likely to persist towards the upside sloping trend line objective of 971 then to 985. On the contrary fall past below 949 region.

Zinc

Technical Commentary

Next stage of buying could see only by promising trades above 159 region. Failure to succeed above the same may push down prices lower to 155.60 then to EMA level of 154.30 region.

 

Lead

Technical Commentary

Decisive trades above the immediate hurdle of 132.50 could lift prices higher. Else hold the same for a downside corrective move towards 130.50 followed by Bollinger lower band level of 129.50.

 

Aluminium

Technical Commentary

As we said last day, prices still stuck in the price band of 131-129.40. A firm move which breaks either side of the aforementioned region could set off the directional move.

 

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