Gold, Silver, Crude Oil, Copper, Nickel, Zinc Commodity Report of 18 November 2019 By Geojit Financial
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Gold
Technical Commentary
Corrective dips in prices may find support at 37730 on the rising trend line. A break below the same level with large market participation may trigger fresh selling. Else, prices may consolidate holding the same level.
Silver
Technical Commentary
Existing weakness in prices may find support at horizontal support of 43930, followed by 43450 on the Fibonacci line. Intraday turnaround level is seen at 44460, whereas a major buying is expected only above 44990.
Crude Oil
Technical Commentary
Present buying momentum may find resistance near 4175 on the horizontal line, followed by 4210 on the rising trend line. Intraday correction is expected only below 4130.
Natural Gas
Technical Commentary
As long as prices trade above the trend line support of 184.50, possibility of major selloff can be ruled out. However, intraday pullbacks may find resistance at 190.20 and 195.80, above which, buying pressure may increase.
Copper
Technical Commentary
Present recovery momentum may extend higher in the coming session. However, the converging MACD oscillators rule out major positive moves. Prices testing above 439.50 could be the sign of intraday recovery.
Nickel
Technical Commentary
Intraday recovery may extend higher towards 1133, above which prices may strengthen further. On the flipside, a fall below 1100 on the falling trend line may accelerate bearish trend.
Zinc
Technical Commentary
Prices likely to stretch lower in the coming session towards the trend line support of 191.90, below which selling pressure may increase. On the flipside, a pullback above 193.60 may negate the bearish view in the counter.
Lead
Technical Commentary
Present sideways trend in prices may extend further as long as prices trade within the region of 154.30 and 158.50. Moves past either side may set fresh direction.
Aluminium
Technical Commentary
A dip below 130.40 region on the falling trend line may induce fresh selling. In the meantime, firm trades above 132.60 may rule out selling views for the intraday.
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