Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminum Commodity Report of 02 June 2022 By Geojit Financial
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BULLION
GOLD
Present upward move may sustain if prices break above 51250 region on the trend line. The bullish crossover in MACD lines also suggest mild positivity in the counter. Meanwhile, a dip below 50750 region may induce weakness.
SILVER
Widening MACD lines after bullish crossover suggest the possibility of positivity in the counter. Intraday move may be north bound towards 62500 or even higher. Meanwhile, a dip below 61600 region may induce weakness as well.
ENERGY
CRUDEOIL
Prices expected to be south bound in the intraday. A voluminous dip below Bollinger lower band region of 8680 may further weaken the prices. Meanwhile, holding the same level can induce rebounds as well.
NATURAL GAS
A steady move above 694 region on the Bollinger upper band region could further strengthen the prices. Meanwhile, a voluminous dip below 672 may weaken the prices as well.
BASE METALS
COPPER
Divergence in MACD oscillators after bullish cross over suggest the possibility of upside move in prices. However, prices may strengthen only above above 791 region on the falling trend line. Unable to break the same may induce correction.
NICKEL
Range bound moves with mild weakness is expected in the counter.
ZINC
Prices may appear firmer above Fibonacci resistance of 338.50 region. Else, range bound moves within present trading range may be witnessed.
LEAD
Bullish divergence in MACD lines suggest mild positive trend in prices. Intraday movement may extend higher towards 186.80, above which prices may be firmer. Else, mild correction or consolidation may be witnessed.
ALUMINIUM
Weakness may persist in prices as long as trades sustain below 236.50 region. Whereas a voluminous rise above the same region may strengthen the prices.
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