Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 02 June 2021 By Geojit Financial
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BULLION
Gold
Price still have room for further buying, but a corrective fall below 48970 would a sign of intraday weakness in the session ahead.
SILVER
As long as prices remain below the upside hindrance of 72700 could expect intraday weakness in the coming session. Although reclaiming trades above the same could infuse fresh buying in the coming session.
ENERGY
CRUDEOIL
Ensuing bullish sentiments largely to continue in the coming session if prices remain above the downside support of 4945 region. In this positive picture, a vertical fall through the same may bid fresh selling in the coming session.
NATURAL GAS
Major buying may activate only by decisive trades above the upside obstacle of 230 region. Inability to challenge above the same may bid intraday weakness for today.
BASE METALS
Copper
Slippage past 764 would be an intraday sign of weakness in the later session. Failed to mark such trades could boost prices back previous session higher levels.
NICKEL
By breaking the upside obstacle of 1347 could trigger a major buying in the coming session. Else increase the chance of a downside corrective move in the later session.
ZINC
Witnessing buying momentum possibly to extend in the coming session if prices stay above 240.70 region. But there is equal plausible chance of corrective dip if prices slip below the aforementioned region.
LEAD
Prices yet to take off above the upside hurdle of 173.70 for a major buying. Which if remain untouched could expect a downside corrective move in the later session.
ALUMINIUM
If prices remain above the Bollinger middle band level of 194.40 could anticipate intraday buying to persist. However, dip below the same may be a sign of long liquidation move.
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