Commodity Intraday Technical Outlook 19 May 2023 - Geojit Financial Services
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Gold LBMA Spot
Consistent trades below $1980 may extend weakness in the counter. Else, recovery upticks are on the cards.
Silver LBMA Spot
While prices stay below $23.50 would extend weakness. Otherwise, recovery rallies are possible for the day.
Crude Oil NYMEX
Likely for a choppy trade with mild negative bias initially. However, a break below $68 would trigger major liquidation pressure
Gold KG Jun
Break below the stiff support of Rs 59500 would extend weakness. Else, a turnaround is possible for the day.
Silver KG Jul
Break below Rs 72000 is needed to extend selling pressure. Else, intraday recovery upticks expected.
Crude Oil Jun
As long as Rs 5800 hold downside, may extend recovery rallies. Else, choppy with mild negative bias trading is likely for the day.
Natural Gas May
Expect a range bound trade inside Rs 204-190 expected initially and breaking any of the sides would suggest fresh directions.
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
Break above Rs 210 could negate the present weakness. Inability to do the same may see extension of weakness.
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