Commodity Intraday Technical Outlook 10 August 2023 - Geojit Financial Services
Gold LBMA Spot
Expect choppy with mild negative bias to continue the day. However stiff support is at $1900 which needs to clear for triggering major liquidation.
Silver LBMA Spot
As long as pries stay below $24 weak momentum continue to intact in the counter. Break above $25.20 is a sign of reversal.
Crude Oil NYMEX
While prices stay above $84 intraday outlook remain on the positive side. A direct drop below $79 would trigger weakness.
Gold KG Oct
Congested trades inside Rs 58500-60000 levels initially and breaking any of the sides would suggest fresh directional moves.
Silver KG Sep
While below Rs 72000 weak bias may prevail in the counter. A direct rise above Rs 73200 is a sign of recovery rallies.
Crude Oil Aug
Bullish outlook remains intact as long as the support of Rs 6900 remains undisturbed. Unexpected drop below the same would see selling pressure.
Natural Gas Aug
Rallies would extend as long as prices stay above Rs 225. Immediate downside reversal point is placed at Rs 205.
Copper Aug As
prices cleared the support of Rs 730 expect mild weak bias. A direct turn above Rs 740 recovery rallies may be seen.
Nickel Aug
Expect choppy with thin volume trading in the near future.
Zinc Aug
Inability to move Rs 218 there are potential upside. A direct drop of which is a sing of sharp liquidation.
Lead Aug
A direct drop below Rs 183 it may extend weakness. Lese, choppy with mild recovery upticks are on the cards.
Aluminium Aug
Break below Rs 198 would see corrective selling pressure. Else, recovery upticks would continue the day.
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