Commodity Intraday Technical Outlook 04 August 2022 - Geojit Financial Services
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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
Consistent trades above $20.50 is needed to continue rallies. Else, there are chances of mild selling pressure for the day.
Crude Oil NYMEX
Immediate support is seen at $90 which needs to be cleared for continuation of selling pressure. A direct drop below the same is a major liquidation signal
Gold KG Oct
Expect a choppy trading initially. However if prices consistent above Rs 51200 expect recovery upticks. Major selloffs are seen only a break of Rs 50400.
Silver KG Sep
A direct break of Rs 57400 would trigger selling pressure. Else, choppy with recovery momentum is on the cards.
Crude Oil Aug
Immediate support is placed at Rs 7200. Break of which it may extend weakness. Else, recovery upticks can be seen.
Natural Gas Aug
Further selloffs are seen only a consistent trades below Rs 600. Otherwise a range bound with mild positive bias trading expected the day.
Copper Aug
If prices clear the support of Rs 640 would extend liquidation pressure. Meanwhile, 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
Mild positive bias expected initially. However a direct fall below Rs 288 is a liquidation signal.
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 the broad trading range of Rs 216-208 levels initially. Breaking either the sides would suggest fresh direction for the day.
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