Commodity Intraday Technical Outlook 17 August 2023 - Geojit Financial Services
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Gold LBMA Spot
Weakness likely to extend as prices cleared the stiff support of $1900. Consistent trades above $1948 likely to negate the view.
Silver LBMA Spot
Choppy with mild negative bias initially, but a break below $22 would trigger further liquidation pressure.
Crude Oil NYMEX
Inability to move past $82 there are chance of continuation of corrective selling pressure. However, stiff support is placed at $78.
Gold KG Oct
Intraday outlook expect to continue with bearish momentum. A direct rise above Rs 59200 is a sign of immediate recovery upticks.
Silver KG Sep
Rangebound with negative bias trading expected initially. A direct rise above Rs 73200 is a sign of recovery rallies.
Crude Oil Aug
Break below Rs 6600 would extend liquidation pressure. Else, choppy with mild recovery bias can be seen today.
Natural Gas Aug
A direct turn above Rs 230 would negate the extend weak bias. However, stiff support is placed at Rs 210.
Copper Aug
Weakness likely to continue while prices stay below Rs 720. A direct turn above Rs 730 could negate the view.
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
Weakness likely to continue while prices stay below Rs 200. Break above Rs 203 is a sing of reversal.
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