Commodity Intraday Technical Outlook 12 May 2023 - Geojit Financial Services
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Gold LBMA Spot
A direct break below $1980 may extend weakness in the counter. Else, a mild uptick is on the cards for the day.
Silver LBMA Spot
Weakness may extend while prices stay below $24.40. A direct turn above the same could negate the trend.
Crude Oil NYMEX
Breaking the resistance of $74 is needed to continue the further upticks. Inability to do so may see corrective selloffs.
Gold KG Jun
As long s Rs 61500 remains caps expect weakness to continue the day. Anyhow unlikely for major liquidation unless breaking Rs 59500.
Silver KG Jul
Selling pressure may continue while prices stay below Rs 75000.
Crude Oil May
Expect a range bound trade inside Rs 6050-5800 expected initially. Major liquidation is seen only a break of Rs 5400.
Natural Gas May
Break below Rs 178 would extend weakness. Else, expect a choppy trading session for the day.
Copper May
Selloffs likely to extend as long as prices stay below the support of Rs 735. A direct turn above the same could negate the trend.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
As long as 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 205 liquidation pressure may continue the day. Else, recovery bias is on the cards.
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