Commodity Intraday Technical Outlook 02 August 2022 - Geojit Financial Services
Gold LBMA Spot
While prices stays above $1760 it may continue upticks for the day. Meanwhile, consistent trades below $1730 is a corrective selling signal.
Silver LBMA Spot
Break above $20.50 is needed to continue rallies. Else, there are chances of mild selling pressure for the day.
Crude Oil NYMEX
If the support of $93 holds downside, expect recovery upticks. A direct drop below the same 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
Recovery upticks may continue the day. A direct drop below Rs 54800 is a sign of further liquidation pressure.
Crude Oil Aug
Intraday support is placed at Rs 7200. Break of which it may extend weakness. Else, recovery upticks can be seen.
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
If prices clear the support of Rs 640 would extend selling pressure. Consistent trades above Rs 660 would lift prices higher.
Nickel Aug
Volume less trades inside Rs 1880-2400 levels likely to continue in near future.
Zinc Aug
Corrective selling is expected initially but it needs to break Rs 270 to trigger major liquidation.
Lead Aug
Break above Rs 180 is needed to trigger further rallies. Inability to so, there are chances of corrective selling pressure.
Aluminium Aug
Prices remain congested inside Rs 216-208 levels initially and breaking either the sides would suggest fresh direction for the day.
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