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Published on 23/09/2019 9:57:35 AM | Source: Geojit Financial Services Ltd

Intraday Technical Outlook 23 September 2019 - Geojit Financial

Posted in Commodities Reports| #Commodity Tips #Geojit Financial Services Ltd

Gold Mini Oct/ LBMA Spot Gold

Pullback rallies may continue as prices hold the stiff support of $1482. However it needs to break above $1525 to strengthen the momentum. A direct drop below $1478 would weaken positive sentiments and trigger liquidation pressure towards $1440/1418 levels. MCX GoldM Oct: Res at 38200. Sup: 37200.

 

Silver Mini Nov/ LBMA Spot Silver

Expect a gap up opening and continuation of the momentum for the day. Immediate resistance is seen at $18.50 which needs to be cleared for confirmation of further bullishness. However, trend reversal is expected only a close below $15.80. MCX Aug: Res at 48100. Sup: 46000/45400.

 

Copper Sep

While prices stay above 445 expect downside pressure towards the next support of 436. A direct rise above 449 is required to negate the view.

 

Nickel Sep

If 1225 hold the downside, expect upticks to continue the day as well. Strong downside support is at 1080.

 

Lead Mini Sep

Recovery moves are likely as long as prices stay above 153.50. However, stiff support is seen at 152.5 which needs to be cleared for triggering liquidation.

 

Zinc Mini Sep

A choppy trade inside 189-182 expected initially, breaking any of the sides would suggest fresh direction to the commodity.

 

Alumini Sep

Support of 138 needs to be cleared for continuation of weak momentum. Else may see a recovery move.

 

Crude Oil Sep/ NYMEX Crude

Inability to move past $60 expect weakness towards $57.50 initially, breaking of the same is required to extend the sentiments towards $54/50.5 levels. However a direct rise above $60 would lift prices higher. MCX support at 4060. Res 4270.

 

Natural Gas Sep

Pullbacks to 188 likely to be capped and trigger corrective selling. Major support is seen at 169.

 

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