Commodity Intraday Technical Outlook 04 May 2023 - Geojit Financial Services
Gold LBMA Spot
Bullish outlook may continue while prices stay above $2040. A direct drop below $1965 may negate the trend.
Silver LBMA Spot
A direct break above $26 would extend rallies. Else, there are chances of a choppy trading for the day.
Crude Oil NYMEX
Further selling pressure expected only a break of $64. Inability to move past the same would trigger recovery rallies.
Gold KG Jun
While above Rs 60200 buying momentum may continue the day. Unexpected drop below Rs 59500 is a sign of weakness.
Silver KG Jun
As long as prices stay above Rs 74000 likely to continue buying pressure. Unexpected drop below the same would trigger selling pressure.
Crude Oil May
A mild pullback expected initially. If prices sustain above Rs 5700 it may extend the momentum.
Natural Gas May
Choppy trading expected possibly inside Rs 184-176 levels initially and breaking any of the sides would suggest fresh directional moves.
Copper May
If unable to break the support of Rs 735 would see extension of upticks. Else, weak bias may continue the day.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
Recovery upticks expected the day. A direct drop below Rs 232 is a sign of weakness.
Lead May
Further weakness is seen only a break of Rs 181. Else, recovery rallies is on the cards.
Aluminium May
Prices remains congested inside Rs 206-210 levels and any of the sides breakout would suggest fresh short term direction.
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