Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminium Commodity Report of 06 July 2021 By Geojit Financial
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BULLION
GOLD
Prices need to settle above the upside hindrance of 48100 for extension of present buying momentum. If the above mentioned region remain untouched could expect a downside corrective move.
SILVER
Intraday move is expected to be northbound if prices stay above 70150 region. But there is equal plausible chance of a downside corrective move if prices settled below the above-mentioned region.
ENERGY
CRUDEOIL
Subsequent buying spree seen unscathed and possibly to stretch higher in the later session. In this bullish outlook, an unexpected fall below 5640 may squeeze down prices lower.
NATURAL GAS
Dominant buying still intact, but we cannot rule out a long liquidation move if prices failed to challenge above the imminent upside obstacle of 285.50 region.
BASE METALS
COPPER
Consecutive days largely to be upheld. Even in this bullish outlook, dip below 734.60 may call a long liquidation move in the session to come.
NICKEL
Witnessing buying sentiments likely to continue if prices remain above 1374 region. On the flipside, a surprise fall below the same may be sign of long liquidation move.
ZINC
Prices still trapped in the long consolidating range. However, a direct rise through 242.50 may cajole fresh intraday buying. Botched effort to challenge above the same may grab prices back to previous session trading range.
LEAD
Broad buying may prevail only by substantial trades above 182 region. Inability to advance trades above the same may gradually squeeze down prices lower .
ALUMINIUM
Diverging MACD point to further gains, however, prices yet to take off above the upside obstacle of 202.70 to initiate such move. Else could expect a downside corrective move in the later session.
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