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Commodity Intraday Technical Outlook 20 October 2022 - Geojit Financial Services
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Gold LBMA Spot
As prices placed well below the support of $1640 expect weak bias to continue the day. Further rallies can be seen only a break above $ 1680.
Silver LBMA Spot
Weakness may extend in the initial hours. However, a direct break below $17.60 would trigger major liquidation pressure. Recovery upticks expected once it breaks above $19.
Crude Oil NYMEX
Mild recovery upticks can be seen as long as the support of $84 hold the downside. An unexpected drop below the same is an early sign of further weakness.
Gold KG Dec
While prices stay below Rs 50400 expect weak bias for the day. Immediate upside turnaround point is placed at Rs 51500.
Silver KG Dec
Intraday trend remains on the weaker side as long as prices stay below Rs 56900. Consistent trades above the same may see recovery upticks.
Crude Oil Oct
Recovery upticks likely to extend as long as the support of Rs 6900 hold the downside. Major rallies are expected only a break above Rs 7280.
Natural Gas Oct
Choppy with mild recovery upticks likely to see if prices are unable to move past Rs 455. Consistent trades above Rs 504 is a sing of recovery.
Copper Oct
A direct rise above Rs 645 may see recovery upticks for the day. Else, weak bias is on the cards.
Nickel Oct
Volume less trades inside Rs 1720-2250 levels likely to continue in near future.
Zinc Oct
Inability to move past Rs 264 there are chances of recovery upticks. A direct break of Rs 260 is a sign of major liquidation pressure.
Lead Oct
Inability to move past Rs 185 expect selling pressure to continue the day. However, major support is seen at Rs 178.
Aluminium Oct
Recovery bias likely to see if the support of Rs 192 hold the downside. A direct drop of which likely to liquidate prices further.
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