Commodity Intraday Technical Outlook 08 September 2023 - Geojit Financial Services
Gold LBMA Spot
Prices expected to be choppy with mild negative as it stays below the support of $1925. Further rallies are seen only above $1955.
Silver LBMA Spot
A mild recovery upticks expected initially. However, further major rallies are seen only a break above $25.
Crude Oil NYMEX
Further rallies are seen only above the immediate resistance of $88. Else, choppy trading is expected.
Gold KG Oct
Choppy trading with mild recovery upticks can be seen initially. However, a break above Rs 58500 is required to extend the momentum.
Silver KG Sep
While prices stay below Rs 74000 liquidation pressure would continue. Anyhow, stiff support is placed at Rs 69500.
Crude Oil Sep
Prices most likely to be choppy inside $85-88 levels and breaking any of the sides would suggest fresh directions.
Natural Gas Sep
A direct break below Rs 210 prices would liquidate further. Else, recovery momentum is likely for the day.
As long as prices stay below Rs 730 weak bias remains on the cards. A direct rise above Rs 742 is a bullish trigger.
Expect choppy with thin volume trading in the near future.
Choppy trading with mild recovery bias is likely for the day. Meanwhile, consistent trades below Rs 218.
As long as the support of Rs 184 remain undisturbed, expect recovery pullback. Else, weakness is likely for the day.
A tight range trade inside Rs 198-201 is likely and if breaking any of the sides would guide further directional moves.
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