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Published on 26/03/2020 1:26:28 PM | Source: Geojit Financial Services Ltd

Intraday Technical Outlook 26 March 2020 - Geojit Financial

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

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Gold Mini Apr/ LBMA Spot Gold

Upticks likely to continue as long as prices stay above $1585. However, intraday resistance is seen at $1635 which needs to be cleared to trigger sharp rallies. A close below $1445 is a signal of major liquidation pressure. MCX GoldM Apr: Res at Rs 42180. Sup: 41240.

 

Silver Mini Apr/ LBMA Spot Silver

Recovery upticks may continue as long as prices stay above $12.50. However, an unexpected drop below $11.58 would trigger liquidation pressure which could target $9.90 or even more later. MCX Feb: Res at 43520 Sup: 39220.

Copper Apr

Likely for a choppy with mild negative bias trade inside 396-348 levels initially. Breaking any of the sides would suggest fresh direction to the commodity.

Nickel Apr

If 835 hold the downside, expect recovery moves which may test 878 initially. A direct rise above the same is required to continue the momentum.

Lead Mini Apr

If prices stay below 135 expect weakness to continue with stiff support is seen at 128 then 124.

Zinc Mini Apr

A mild recovery is expected as long as prices stay above 138. A direct dip below the same would continue selling pressure.

Alumini Apr

Recovery upticks may continue as prices stay above 136. Unexpected drop below 133 would be an early signal of renewed bearishness.

Crude Oil Apr/ NYMEX Crude

Inability to move past $19.80, expect recovery upticks to continue the day. Next upside obstacle is seen at $25.50, break of the same is required to strengthen the buying momentum towards $28/33 levels. However, an unexpected drop below $19 would trigger further liquidation pressure in the counter. MCX Mar: Res at 2070/ Support: 1840.

Natural Gas Mar

Expect a choppy trade inside 121-129 levels initially. Breaking any of the sides would suggest fresh direction to the commodity.

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