Commodity Intraday Technical Outlook 09 May 2023 - Geojit Financial Services
Gold LBMA Spot
Consistent trades above $2030 is needed to extend rallies. Else, expect a choppy trading session for the day.
Silver LBMA Spot
Mild upticks expected initially but a direct rise above $26 is needed to extend rallies.
Crude Oil NYMEX
Immediate resistance is seen at $74, break of which it may extend rallies. Else, there are chances of corrective selling pressure.
Gold KG Jun
Expect a choppy trade inside Rs 61600-60300 levels and breaking any of the sides would suggest fresh short term directions.
Silver KG Jul
Stiff resistance is seen at Rs 77500 which needs to be cleared for continuation of upside. Consistent trades below Rs 74000 is a weak signal.
Crude Oil May
If unable to move past Rs 6040 expect mild selloffs for the day. An unexpected rise above the same would trigger fresh rallies.
Natural Gas May
Choppy with mild recovery expected as long as the support of Rs 174 hold downside. A direct dip below the same is a weak sign.
Copper May
If it hold the support of Rs 735 would mild upticks. Else, weak bias may continue the day.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
Upticks likely to continue while the support of Rs 235 remains hold downside. A direct dip below Rs 230 is a weak signal.
Lead May
Further weakness is seen only a break of Rs 181. Else, recovery rallies is on the cards.
Aluminium May
Choppy with mild pullback expected while prices stay above the support of Rs 206. A direct dip of which could call for selling pressure.
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