Commodity Intraday Technical Outlook 17 May 2023 - Geojit Financial Services
Gold LBMA Spot
Prices remains volatile initially. A direct break below $1980 may extend weakness in the counter. Else, recovery upticks are on the cards
Silver LBMA Spot
A direct break of $23.50 would extend weakness. Else, recovery rallies are possible for the day.
Crude Oil NYMEX
Expect a choppy trade with mild negative bias initially. However, a break below $68 would trigger major liquidation pressure.
Gold KG Jun
Selloffs may continue initially but stiff support is placed at Rs 60000. Major resistance is seen at Rs 61500.
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
As long as prices stay above Rs 184 may extend upticks. A direct dip below Rs 178 is a sign of downside reversal.
Copper May
Weakness may extend while prices stay below Rs 722. Consistent trades above Rs 736 would trigger fresh rallies.
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
Inability to move past Rs 184 expect weakness to continue the day. Else, recovery upticks are on the cards.
Aluminium May
Expect a choppy trade inside Rs 205-204 levels and breaking any of the sides would suggest fresh directional moves.
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