Commodity Intraday Technical Outlook 24 August 2022 - Geojit Financial Services
Gold LBMA Spot
Choppy with mild weak bias to continue the day. However, short term turn upside around point is placed at $1800.
Silver LBMA Spot
Sentiment remains on the weaker side but a mild recovery may be seen if it unable to break $18.50. A direct rise above $21 would negate the bearish outlook
Crude Oil NYMEX
A direct break above $95 would trigger further rise in prices. Else, expect a choppy trading for the day
Gold KG Oct
While prices stay below Rs 51600 weakness likely to continue the day. A direct break above Rs 52700 is a sign of reversal.
Silver KG Sep
Range bound with negative bias expected initially. However, a direct break of Rs 55000 is a sing of major liquidation pressure.
Crude Oil Sep
Upticks may continue while prices stay above Rs 7200. Meanwhile, a direct drop below Rs 6850 would trigger major liquidation pressure.
Natural Gas Aug
As long as prices stay above Rs 690 sentiment remains on the positive side. Meanwhile, consistent trades below Rs 650 is a sign of weakness.
Copper Aug
Choppy with mild upticks can be seen as long as the support of Rs 670 remains undisturbed. A direct break of which would trigger selling pressure.
Nickel Aug
Volume less trades inside Rs 1880-2400 levels likely to continue in near future.
Zinc Aug
A direct break below Rs 310 would see extension of selling pressure. Else, recovery upticks are on cards for the day.
Lead Aug
Prices remains choppy inside Rs 182-178 levels and breaking either the sides would suggest fresh directional moves for the day.
Aluminium Aug
If unable to move past Rs 209 there are chances of recovery upticks. A direct break of which is a sign of major selling pressure.
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