Commodity Intraday Technical Outlook 24 May 2023 - Geojit Financial Services
Gold LBMA Spot
If $1985 remains caps the upside, 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
Consistent trades above $74 would trigger another round of fresh rallies. Else, corrective selling pressure is likely for the day
Gold KG Jun
Buying momentum may see if prices consistently trades above Rs 60500. Else, choppy trading is expected the day.
Silver KG Jul
Expect a choppy trade inside Rs 74000-71500 initially, and breaking any of the sides would suggest fresh directional moves for the day.
Crude Oil Jun
Rallies may continue if prices stay above Rs 6100. A direct break below Rs 5800 is sign of downside reversal.
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
Further selloffs are seen only a break of Rs 705. Else, choppy trading expected the day.
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
It is required to break above Rs 210 to trigger fresh rallies. Else, choppy with mild negative bias expected the day.
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