Commodity Intraday Technical Outlook 05 August 2022 - Geojit Financial Services
Gold LBMA Spot
Upticks may continue while the support of $1760 remain undisturbed. 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
As prices cleared the support of $93 broad outlook remains on the weaker side. However a direct rise above recovery rallies are on cards.
Gold KG Oct
While prices stay above Rs 51200 expect recovery moves to continue the day. 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
Immediate support is seen at Rs 6960. A direct drop of which would extend liquidation pressure. 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 637 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
Rallies likely to continue while prices remain hold the support of Rs 292. Anyhow major resistance is seen at Rs 315.
Lead Aug
Inability to break Rs 175 intraday momentum likely to be on the positive side. However major rallies are seen only above Rs 180.
Aluminium Aug
Congested trade inside Rs 216-207 with mild positive bias expected the day. Breaking any of the sides would suggest short term directions.
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