Gold, Silver, Crude Oil, Copper, Nickel, Zinc Commodity Report of 09 October 2019 By Geojit Financial
Prices possibly to tread lower in the coming session towards 38030 followed by the SMA level of 37780. However, rise above the hourly candle high of 38390 may push prices higher.
Stable trades above 46350 could push prices to 46800 then to 47250. Inability to reclaim trades above 46350 may push prices lower to Fibonacci retracement level of 45200.
Promising trades above 3830 could lift prices to 3870 followed by 3915. Botched attempt to sustain above the level of 3830 may squeeze down prices lower 3700.
Region of 161 looks to formidable region for seller to gain the momentum and such active trade may push prices lower to Bollinger lower band level of 157.50 or even lower. Else hold the level of 161 for a price recovery to 167.40 or even more
Determined trades above the 440.50 could lift prices to EMA level of 442 then to 444.30. Botched attempt to crack above the level of 440.50 may squeeze down prices lower to 435.50 then to 432.60.
Intraday weakness could establish only by reliable trades below the support region of 1240. Failed effort to close below the aforementioned region could push prices to 1270 followed by the Bollinger upper band level of 1282.
By breaking the level of 179.80 with significant volume could squeeze down prices lower to 177.60. Else, could expect a price lift towards the Bollinger middle band level of 182.50 or even more.
Fall past below the Bollinger middle band level of 154.90 would be an early sign of further selling towards the downside objective of 153.70 then to 152.80. Inability to challenge below the level of 154.90 could call reversal move towards 156.70.
As long as prices remain below the hindrance of 136.20 could expect a corrective move towards the downside objective of 134.40/133.50. But stalwart trades above the level of 136.20 may boost prices to EMA level of 137.70.
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