Commodity Intraday Technical Outlook 01 August 2022 - Geojit Financial Services
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Gold LBMA Spot
Initial dips expected but if it hold the support of $1730 there are chances of recovery upticks. A direct drop below $1680 is a sing of major weakness.
Silver LBMA Spot
A mild upturn is expected if the support of $18 hold the downside. A direct drop below the same would trigger major selling pressure.
Crude Oil NYMEX
If unable to break above $103 there are chances of corrective selling pressure initially. A direct drop below $93 is a sign of major weakness.
Gold KG Aug
While prices stay above Rs 51200 expect recovery moves. Further selloffs are seen only a break of Rs 50400.
Silver KG Sep
Though chances of corrective selling expected initially, it may extend upticks later. A direct drop below Rs 54800 is a sign of further liquidation pressure.
Crude Oil Aug
Congested trade inside Rs 8100-7500 levels expected initially and breaking any of the sides would suggest fresh direction for the day.
Natural Gas Aug
Corrective selling is likely if prices are unable to move past Rs 720. Anyhow, major selloffs would be seen only a close below Rs 600.
Copper Aug
While prices stays above the resistance of Rs 640 would extend recovery rallies. Consistent trades below Rs 630 is a sign of weakness.
Nickel Aug
Volume less trades inside Rs 1880-2400 levels likely to continue in near future.
Zinc Aug
Consistent trades below Rs 288 would extend corrective selling. Else, it may continue rallies for the day.
Lead Aug
Choppy trade inside Rs 179-175 levels expected initially and braking either side would suggest fresh directional moves
Aluminium Aug
A direct break above Rs 216 would extend rallies. Inability to do so may see corrective selling pressure for the day.
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