Commodity Intraday Technical Outlook 16 November 2022 - Geojit Financial Services
Gold LBMA Spot
Immediate resistance is seen at $1780 which needs to be cleared for continuation of upticks. Inability to so may see corrective selling pressure.
Silver LBMA Spot
Initial correction may be seen but it is unlikely to break the stiff support of $20. Major rallies are expected only a break above $22.50.
Crude Oil NYMEX
Expect choppy trades inside $93-86 levels and breaking any of the sides would suggest fresh directional moves for the day.
Gold KG Dec
Consistent trades above Rs 53000 would extend rallies. If unable to so may see corrective selling pressure for the day.
Silver KG Dec
If unable to break the support of Rs 61000 there are chances of recovery upticks. A direct drop of which would extend selling pressure.
Crude Oil Nov
Prices remains choppy initially. A direct drop of Rs 6800 is an early sign of liquidation pressure. Else, recovery upticks are on the cards.
Natural Gas Nov
Expect a range bound trade inside R520-465 levels and breaking any of the sides would suggest fresh short term directions.
Copper Nov
Extension of buying interest can be seen only a break above Rs 710. Else, prices most likely on the corrective selling mode for the day.
Nickel Nov
Volume less trades inside Rs 1720-2250 levels likely to continue in near future.
Zinc Nov
Buying pressure would continue while prices stay above Rs 270. A direct drop below Rs 255 is a sign of weakness.
Lead Nov
While prices stay above Rs 183 would extend rallies. Inability to do so may see corrective selling pressure.
Aluminium Nov
Break above Rs 212 would extend rallies. Else, there are chances of corrective selling pressure for the day.
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