Commodity Intraday Technical Outlook 20 June 2023 - Geojit Financial Services
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Gold LBMA Spot
Congested trade inside $1990-1920 levels remains on card initially. Breaking any of the sides would set fresh directional moves.
Silver LBMA Spot
Possibilities of a mild upticks remains intact. However, break above $24.50 is needed to strengthen the momentum.
Crude Oil NYMEX
Sustained trades above $72 would lift prices further highs. Else, it may see corrective selling pressure for the day.
Gold KG Jun
If unable to move past Rs 59000 there are chances of recovery upticks. A direct dip below the same would trigger further liquidation.
Silver KG Jul
Break above Rs 74000 needed to extend rallies. Otherwise choppy with mild negative bias expected the day.
Crude Oil Jun
Stiff resistance is seen at Rs 5950 which is needed to be cleared for extension of rallies. Else, choppy trades are on the cards.
Natural Gas Jun
While prices stay above Rs 210 expect recovery rallies would continue the day. A direct drop of which would call for liquidation pressure.
Copper Jun
Range bound trade inside Rs 725-734 expected initially and breaking any of the sides would set fresh directional moves.
Nickel Jun
Expect choppy with thin volume trading in the near future.
Zinc Jun
If 225 remains caps expected corrective selling pressure. Else, chances of recovery rallies for the day.
Lead Jun
As long as prices stay above Rs 183.50 buying pressure would continue the day. Downside reversal point is placed at Rs 181.
Aluminium Jun
Prevailing weakness would continue while prices stay below Rs 206. Consistent trades above the same would call for recovery upticks.
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