Commodity Intraday Technical Outlook 22 May 2023 - Geojit Financial Services
Gold LBMA Spot
Mild recovery upticks can be seen as long as the support of $1950 hold downside. A direct drop of which is a downside reversal signal.
Silver LBMA Spot
Choppy trading expected initially, but a stiff resistance is seen at $24.20 which needs to be broken for further rallies.
Crude Oil NYMEX
If the support of $69 hold downside there are chances of recovery rallies. Inability to break the same would see extension of weakness.
Gold KG Jun
Recovery upticks are expected while the support f Rs 59500 remains holds downside. A direct drop below the same would trigger weakness.
Silver KG Jul
Break below Rs 72000 is needed to extend selling pressure. Else, intraday recovery upticks expected.
Crude Oil Jun
Stiff resistance is placed at Rs 6100 which needs to be cleared for further rallies. Else, may see extension of weak bias.
Natural Gas May
Break above Rs 220 would extend rallies. Else, expect a choppy trading for the day.
Copper May
Weakness may extend while prices stay below Rs 730. 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
Consistent trades above Rs 210 may extend rallies. Else, likely for corrective selling pressure for the day.
To Read Complete Report & Disclaimer Click Here
For More Geojit Financial Services Ltd Disclaimer https://www.geojit.com/disclaimer
SEBI Registration Number: INH200000345
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer