Commodity Intraday Technical Outlook 11 August 2023 - Geojit Financial Services
Gold LBMA Spot
Expect choppy with mild negative bias to continue initially. However stiff support is at $1900 which needs to clear for triggering major liquidation.
Silver LBMA Spot
While prices stay below $24 weak momentum is intact in the counter. Break above $25.20 is a sign of reversal.
Crude Oil NYMEX
Consistent trades above $84 would extend rallies. Else, corrective selling pressure is on the cards.
Gold KG Oct
If the support of Rs 58500 broken extend weakness. Major resistance is Rs 60000.
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
Outlook remains on the bullish side as long as the support of Rs 6900 remains undisturbed. A direct drop of which would trigger selling pressure.
Natural Gas Aug
Support of Rs 225 remain undisturbed, expect recovery upticks. A direct drop of which would extend selling pressure.
Copper Aug
While prices stay below Rs 730 expect weak bias to continue the day. 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 above Rs 202 is needed to extend rallies. Else, choppy trading is on the cards for the day.
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