Commodity Intraday Technical Outlook 11 May 2023 - Geojit Financial Services
Gold LBMA Spot
Prices remains rangebound with mild positive bias. A direct dip below $1980 may trigger weakness.
Silver LBMA Spot
If the support of $24.50 remains undisturbed, expect recovery upticks. A direct dip below the same is a weak signal.
Crude Oil NYMEX
Break above $74 would continue further upticks. Inability to do so may see corrective selloffs.
Gold KG Jun
Choppy trading inside Rs 61600-60200 levels initially and breaking any of the sides would suggest fresh directional moves.
Silver KG Jul
It is required to break and trade consistently above Rs 77500 to extend rallies. Else, corrective selling pressure is likely for the day.
Crude Oil May
A direct break above Rs 6100 may extend rallies. Lese, weak bias is on the cards for the day.
Natural Gas May
A direct break above Rs 190 would continue rallies. Else, mild correction is on the cards for the day.
Copper May
Corrective selloffs may continue while prices stay below Rs 745. A direct rise above Rs 755 could negate the intraday bearish outlook.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
If the support of Rs 232 holds, expect recovery rallies. A direct dip below the same would trigger liquidation pressure.
Lead May
Recovery upticks may continue as long as the support of Rs 184 hold the downside.
Aluminium May
Break below Rs 206 liquidation pressure may continue the day. If not, expect recovery upticks.
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