Commodity Intraday Technical Outlook 20 July 2022 - Geojit Financial Services
Gold LBMA Spot
Recovery upticks are expected only a consistent trades above $1760. Else, weak bias to continue the day.
Silver LBMA Spot
While prices stay below $20.50 bearish outlook to continue in the counter. Upside turnaround point is placed at $22.50.
Crude Oil NYMEX
Inability to move past $103 corrective selloffs likely for the day. However major support of $93 needs to be cleared for triggering major liquidation pressure.
Gold KG Aug
Choppy with mild negative bias expected initially but it required breaking Rs 51200 to continue gain in the counter. Consistent trades below Rs 50200 is a sign of major liquidation.
Silver KG Sep
Consistent trades below Rs 55800 prices will liquidate further. Else, chances of recovery upticks are on cards.
Crude Oil Jul
Immediate resistance of Rs 8200 needs to be cleared for the rally to continue. Else, choppy with mild negative bias trading expected the day.
Natural Gas Jul
Break above Rs 610 would extend rallies. Else, intraday momentum is likely to be on the downside.
Copper Jul
Consistent trades above Rs 640 would extend rallies. Else, choppy with mild negative bias trading expected.
Nickel Jul
Volume less trades inside Rs 1880-2400 levels likely to continue in near future.
Zinc Jul
While prices stay below Rs 296 it may continue weak bias. A direct turn above the same is a recovery sign.
Lead Jul
Prices required to break above Rs 178 to trigger further rallies. Else, corrective selloffs are in cards for the day.
Aluminium Jul
Stiff support is placed at Rs 205. If it remains holds expect recovery upticks. Else, weakness may continue the day.
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