Evening Roundup : A Daily Report on Bullion, Energy & Base Metals for 20 October 2022 By Geojit Financial
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BULLION
GOLD
Intraday weakness may be seen only below 49780 region. Else hold the same for a short covering move towards the price objective of 50200 or even more to 50360.
SILVER
A major buying may withstand only by decisive trades above 57400 region. Else hold the same for prices to consolidate with mild negative bias.
CRUDEOIL
Intraday buying may sustain only by tangible trades above 7240 region. Botched attempt to win such trades may gradually push prices lower in the later session.
NATURAL GAS
Consecutive days of weakness still intact and possibly to stretch lower towards the downside objective of 447 or even to 435. Even in this dominant bearish sentiments, reclaiming trades above 474 may lift prices higher
Copper
Sturdy trades above 647 could boost prices higher in the session ahead. Inability to attain such trades may eventually push prices lower in the later session.
NICKEL
Prices possibly to consolidate with marginal trades.
Zinc
Present weakness may find support around 267 region for prices to rebound higher. But a corrective dip below the same may push prices further lower
Lead
Consolidation likely to uphold within the trading range of 180.50-183. Prices need to break either side of the aforesaid region to set off fresh directional move.
Aluminium
If price stay above the downside hurdle of 197 region could expect further price recovery in the session ahead. A direct fall below the same may push prices lower.
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