Gold, Silver, Crude Oil, Natural Gas, Copper, Nickel, Zinc, Lead, Aluminum Commodity Report of 26 October 2021 By Geojit Financial
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BULLION
GOLD
Prices seem to have held below the trendline resistance of 48100 region, above which, prices may appear firmer. Meanwhile, a dip below 47680 may induce weakness.
SILVER
Widening MACD lines after bullish crossover suggest the possibility of further gains in the counter. However, prices should cross the trendline resistance of 66650 with large market participation to stretch gains further. Else, corrective dips may be witnessed.
ENERGY
CRUDEOIL
Present downward momentum may find support at 6210 on the rising trendline. A firm move below the same may further weaken the counter, while holding the same level can induce mild rebounds as well.
NATURAL GAS
Intraday movement may extend higher if prices trade above the Bollinger mid band support of 432 region. While, breaking the same level may induce intraday weakness.
BASE METALS
COPPER
A voluminous cross below 760 region on the trend line support may induce further weakness in the counter. Whereas, holding the same level may cause rebounds in the intraday.
NICKEL
As long as prices trade above the Bollinger mid band support of 1567, prices expected to rebound higher. While, breaking the same support can induce weakness in the counter.
ZINC
Intraday movement expected to be sideways as the MACD oscillator suggest. Major weakness expected only below 279 region. Prices expected to rebound in the intraday if the trendline support is held.
LEAD
Mild convergence in MACD lines suggest rather sideways trend in the prices. Major weakness is expected only below 185.50 region. Mild rebound above the same region expected in the intraday.
ALUMINIUM
Diverging MACD oscillators after bearish crossover suggest the possibility of persisting weakness. However, prices necessarily break below 231 on the trendline support to extend weakness. Or else, mild rebound may be witnessed.
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