01-01-1970 12:00 AM | Source: Geojit Financial Services Ltd
Commodity Intraday Technical Outlook 16 May 2023 - Geojit Financial Services
News By Tags | #473 #4943

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Gold LBMA Spot

Prices remains volatile initially. A direct break below $1980 may extend weakness in the counter.

Silver LBMA Spot

If the support of $23.50 remains hold downside expect recovery upticks. A direct drop of which would trigger further liquidation pressure.

Crude Oil NYMEX

While prices stay above $68 may see extension of recovery upticks. However, stiff resistance is placed at $72.

Gold KG Jun

Further rallies are seen only a break above Rs 61500. Inability to break the same may see choppy with mild corrective selling pressure.

Silver KG Jul

A direct dip below Rs 72000 may extend selling pressure. Else, intraday recovery upticks expected.

Crude Oil May

If unable to move past Rs 5800 may extend recovery rallies. Else, choppy with mild negative bias trading is likely for the day.

Natural Gas May

Upticks likely to extend while the support of Rs 178 remains undisturbed. A direct dip of the same would trigger weakness.

Copper May

Expect a range bound trade inside Rs 736-724 levels and breaking any of the sides would suggest fresh directional moves.

Nickel May

Expect choppy with thin volume trading in the near future.

Zinc May

Consistent trades below Rs 228 may extend liquidation pressure. Else, recovery upticks are on the cards.

Lead May

Choppy with recovery upticks may continue as long as the support of Rs 184 hold the downside.

Aluminium May

Recovery upticks are on the cards as long as the support of Rs 205 remains undisturbed.

 

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