Commodity Intraday Technical Outlook 18 April 2023 - Geojit Financial Services
Gold LBMA Spot
Consistent trades below $1980 would extend selling pressure. Else, buying momentum may continue the day.
Silver LBMA Spot
Dips likely to extend while the immediate resistance of $26 caps upside. However, a direct dip below $22 is a sign of downside reversal.
Crude Oil NYMEX
If prices are unable to move past $84 selling pressure may continue the day as well. However, Stiff support is placed at $76.
Gold KG Jun
Corrective selloffs may see as long as Rs 61500 caps the upside. However major support is placed at Rs 59500.
Silver KG May
Consistent trades above Rs 75000 is required to extend bullish rallies. Else, choppy with negative bias trading expected the day.
Crude Oil Apr
If Rs 6700 remains caps upside, intraday moves mostly on the downside. However, stiff resistance is paled at Rs 6850.
Natural Gas Apr
As long as prices stay above Rs 178 it may extend rallies. An unexpected drop below Rs 165 is a sign of liquidation.
Copper Apr
Rallies are expected only a break above Rs 785. Else, corrective selling pressure may extend the day as well.
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
A direct break above Rs 184 would extend buying pressure. If not, there are chances of corrective selling for the day.
Aluminium Apr
Inability to move past Rs 211 may see corrective selling pressure. However, break below the major support of Rs 206 is least expected.
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