Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminum Commodity Report of 03 February 2022 By Geojit Financial
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BULLION
GOLD
Intraday buying may withstand only by promising trades above 48060. Failed to move past above the same may be a sign of long liquidation pressure towards 47770.
SILVER
Prices have been approaching towards the downside obstacle of 61000 region, which if breaks could extend weakness. Failed to claim below the same may rebound prices higher.
ENERGY
CRUDEOIL
Prices look exhausted after recent consecutive days of gains. Looking forward, if prices remain below 6620 could expect weakness towards 6445 in the later session. But recovery trades above 6620 could boost price higher.
NATURAL GAS
Early dips can be seen before initiating further buying towards 410 region. Even in this broad buying sentiments, a corrective fall which claim below 380 may be a sign of intraday weakness.
BASE METALS
COPPER
Current feebleness of prices may strengthen only by decisive trades below 750.50 region. Else hold the same for prices to gain higher to 759 or even higher.
NICKEL
Prices need to challenge above the upside hindrance of 1746 to trigger fresh buying in the upcoming session. If the above-mentioned region remain untouched could expect prices to slip lower in the later session.
ZINC
Intraday gains may be seen only by tangible trades above 300.30 region. Failed to achieve such trades may bid a downside corrective move in the later session.
LEAD
Intraday price move is expected to be downward towards the price objective of 183 or even lower. Even in this bearish expectation, recovery trades above 185.30 would be a sign of fresh buying.
ALUMINIUM
If prices remain below the upside hurdle of 242 region could expect prices to trade lower to 238.50 or even lower. But a direct rise above 242 would be sign of fresh buying in the later session.
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