Commodity Intraday Technical Outlook 06 September 2023 - Geojit Financial Services
Gold LBMA Spot
Intraday bias most likely choppy with mild negative as prices stay below the support of $1925. Further rallies are seen only above $1955.
Silver LBMA Spot
Corrective selling pressure is on the cards. Further rallies are seen only a break above $25.
Crude Oil NYMEX
While prices stay above $85 would continue rallies. A direct dip below $82 likely to correct prices lower.
Gold KG Oct
Break above Rs 58500 is required to extend rallies. Else, a mild selloffs expected the day.
Silver KG Sep
Inability to move past Rs 74000 liquidation pressure would continue the day. Immediate upside turnaround point is at Rs 77000.
Crude Oil Sep
Bullish outlook remain on the cards and it may lift prices further higher. A direct dip below Rs 7000 is a sign of weakness.
Natural Gas Sep
Intraday bias most likely on the weaker side as long as prices stay below Rs 230. A direct rise above it may trigger further rallies.
Copper Sep
Prices remain range inside Rs 742-730 levels and breaking any of the sides would suggest fresh directional moves.
Nickel Sep
Expect choppy with thin volume trading in the near future
Zinc Sep
A direct break above Rs 221 likely to extend rallies. Inability to do so may see corrective selling pressure.
Lead Sep
Choppy with corrective selling is expected initially. Meanwhile, consistent trades above Rs 184 may extend rallies.
Aluminium Sep
Intraday dips likely to find support near Rs 199 and are chances of recovery upticks. Anyhow stiff resistance is placed at Rs 205.
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