Commodity Intraday Technical Outlook 17 April 2023 - Geojit Financial Services
Gold LBMA Spot
Buying momentum may continue while prices stay above $1980. A close below $1920 is a sign of downside reversal.
Silver LBMA Spot
Prices mostly held choppy with positive bias, but consistent trades above $26 is required to trigger major rallies. A direct dip below $22 is a sign of reversal.
Crude Oil NYMEX
Intraday resistance is seen at $84 which needs to be cleared for continuation of upticks. Else, choppy trading expected the day.
Gold KG Jun
Inability to break above Rs 61500 expect initial correction but such moves possibly find support near Rs 59500. An unexpected drop of which would trigger liquidation pressure.
Silver KG May
As long as prices stay above Rs 75000 bullish outlook may continue in the counter. A direct drop below Rs 71000 is a weak signal.
Crude Oil Apr
A direct rise above Rs 6850 would trigger another round of fresh rallies. Else, choppy trading expected buy major selloffs are seen only a break of Rs 6400.
Natural Gas Apr
Inability to consistently trade above Rs 178 there are chances of choppy trading to continue the day.
Copper Apr
Choppy with mild corrective selling expected initially. A direct rise above Rs 792 would trigger fresh rallies.
Nickel Apr
Expect choppy with thin volume trading in the near future.
Zinc Apr
If Rs 250 remains holds expect recovery upticks. A direct drop of Rs 245 can see liquidation pressure.
Lead Apr
Consistent trades above Rs 184 would extend buying pressure. If not, there are chances of corrective selling for the day.
Aluminium Apr
A direct break above Rs 211 may expect rallies. Else, expect a choppy trading session for the day
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