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Published on 17/09/2020 11:03:34 AM | Source: Geojit Financial Services Ltd

Intraday Technical Outlook 17 September 2020 - Geojit Financial

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

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Gold Mini Sep/ LBMA Spot Gold

Choppy trading inside $1975-1900 regions are expected initially. Breaking any of the sides would suggest fresh direction to the commodity. Anyhow, a direct drop below $1880 is a signal of reversal. MCX Gold Oct Res: 52120 Support: 50940.

 

Silver Mini Nov/ LBMA Spot Silver

Breaking the resistance of $27.60 is required to continue further upticks in the counter. Else, we may see weak sentiments in the counter. An unexpected drop below $25.80 is a signal of continuation of selling pressure. MCX SilverM Nov: Res at Rs 71350. Sup: 66150.

 

Copper Sep

Intraday bias likely to be on the downside as long as 530 caps the update. However, consistent trades above the same would take prices further higher.

 

Nickel Sep

Inability to move past 1128 expect weak sentiments for the day. Else, intraday bias will be on the positive side.

 

Lead Sep

Expect choppy trading inside 150-146 levels initially, and breaking any of the sides would suggest fresh direction to the commodity.

 

Zinc Sep

As long as 196 caps the upside, expect weakness to continue the day. Else there are chances of rallies.

 

Aluminium Sep

Immediate resistance is seen at 148, which needs to be cleared for continuation of rallies. Weakness is seen only a break of 144.

 

MCX Crude Oil Sep/NYMEX Crude Oct

Expect an initial correction but prices likely to consolidate near $37-38 region and a turn higher later. However, an unexpected drop below $35.80 would further weaken the sentiments. MCX Sep: Res at Rs 3020 / Support: Rs 2835.

 

Natural Gas Sep

Inability to hold the support of 167 would extend selling momentum in the counter. A direct turn above 177 is required to negate the view.

 

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