Commodity Intraday Technical Outlook 23 May 2023 - Geojit Financial Services
Gold LBMA Spot
Inability to move past $1985 there are chances to continue selling pressure. Else, mild recovery upticks can be seen for the day
Silver LBMA Spot
There is a stiff resistance is at $24.50 which needs to be cleared for continuation of upticks. Else, selling pressure is on the cards
Crude Oil NYMEX
Upticks may continue while the support of $70.50 hold downside. A direct drop of which may continue selling pressure.
Gold KG Jun
Buying momentum may see if prices consistently trades above Rs 60500. Else, choppy trading is expected the day.
Silver KG Jul
Prices remains choppy inside Rs 74000-71500 initially, and breaking any of the sides would suggest fresh directional moves for the day.
Crude Oil Jun
Break above the stiff resistance of Rs 6100 would trigger major rallies. Else, may see weakness for the day.
Natural Gas May
Choppy with weakness is likely initially. However inability to break the support of Rs 192 there are chances of upticks later.
Copper May
If the support of Rs 715 remains holds, expect recovery upticks. Anyhow, major rallies are unlikely if prices caps Rs 725.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
Weakness may continue while prices stay below Rs 230. Consistent trades above Rs 240 is a reversal signal.
Lead May
Prices remains choppy inside Rs 186-182 levels and breaking any of the sides would suggest fresh directions for the day
Aluminium May
Break above Rs 210 may extend rallies. Else, likely for corrective selling pressure for the day.
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