Commodity Intraday Technical Outlook 16 August 2023 - Geojit Financial Services
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Gold LBMA Spot
Outlook remains on the weaker side while prices stay below $1920. Consistent trades above $1948 likely to negate the view.
Silver LBMA Spot
A direct break below $22 would extend weakness in short term. Inability to do so may see mild recovery upticks.
Crude Oil NYMEX
If unable to trade above $82 there are chance of corrective selling pressure. However, stiff support is placed at $78
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
Stiff resistance is at Rs 6900, which if unable to break may see corrective selling pressure.
Natural Gas Aug
Expect a choppy trade inside Rs 235-225 levels and breaking any of the sides would suggest fresh directional moves.
Copper Aug
Break above Rs 730 is needed to extend rallies. Else, choppy trading is in the cards.
Nickel Aug
Expect choppy with thin volume trading in the near future.
Zinc Aug
Expect weak momentum to continue the day. Consistent trades above Rs 222 is a sign of recovery rallies.
Lead Aug
An unexpected drop below Rs 182.50 would extend selling pressure. Else, choppy trading is on the cards.
Aluminium Aug
While prices stay below Rs 200 intraday momentum likely to be on the weaker side. Consistent trades above Rs 203 is a sing of recovery momentum..
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