Commodity Intraday Technical Outlook 24 August 2023 - Geojit Financial Services
Gold LBMA Spot
Mild recovery upticks can be seen as long as the support of $1880 if remain undisturbed. A direct drop of which would trigger liquidation pressure.
Silver LBMA Spot
Pullback rallies likely to extend initially, as long as the support of $22 hold downside. A direct dip of which is a sign of weakness.
Crude Oil NYMEX
Inability to turn higher $80 weakness would continue the day. Anyhow, major resistance is placed at $84.
Gold KG Oct
Intraday bias most on the positive side as long as Rs 58500 remains hold downside. Unexpected drop of which would liquidate prices further.
Silver KG Sep
If unable to break the support of Rs 69200 recovery rallies would extend the day. A direct drop of which would trigger further liquidation.
Crude Oil Sep
Corrective selloffs would extend while prices stay below Rs 6700. A direct turn above the same would negate the trend.
Natural Gas Aug
While prices stay below Rs 210 expect weak bias to continue the day.
Copper Aug
Upticks likely to continue while prices stay above Rs 735. Inability to do the same may see corrective selling pressure.
Nickel Aug
Expect choppy with thin volume trading in the near future.
Zinc Aug
Break below Rs 208 would extend weakness. Else, recovery upticks are on the cards for the day.
Lead Aug
Further selloffs are seen only a break of Rs 182.50. Else, the momentum mostly on the positive side.
Aluminium Aug
Prices remain congested inside Rs 196-200 levels and breaking any of the sides would suggest fresh directional move.
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