Commodity Intraday Technical Outlook 29 August 2022 - Geojit Financial Services
Gold LBMA Spot
If the immediate resistance of $1772 remains caps the upside, expect weak bias to continue the day. Major upside turn around point is placed at $1800.
Silver LBMA Spot
Intraday bias most likely to be negative. A direct dip below $18.50 would extend the liquidation pressure. Break above $21 would negate the view.
Crude Oil NYMEX
A mild turnaround in prices can be seen if the support of $88 remains undisturbed. A direct drop below $85 is a major sign of liquidation pressure.
Gold KG Oct
A direct break below Rs 51900 would extend the selling pressure. Else, there are chances of mild upticks for the day
Silver KG Sep
A direct break of Rs 54000 would continue selling pressure. Else, there are chances of recovery upticks.
Crude Oil Sep
Choppy trading expected initially. However, further major weakness is seen only a drop below Rs 6850.
Natural Gas Sep
If unable to break Rs 770 corrective selling pressure is on cards for the day. An unexpected rise above the same is a sing of further rallies.
Copper Sep
Further rallies are seen only a break above Rs 690. Else, expect corrective selloffs for the day.
Nickel Sep
Volume less trades inside Rs 1720-2250 levels likely to continue in near future.
Zinc Sep
A direct break above Rs 330 would continue rallies. Else, corrective selloffs expected the day.
Lead Sep
Choppy trading expected initially. Consistent trades below Rs 178 is a sign of weakness.
Aluminium Sep
If unable to move past Rs 210 there are chances of recovery upticks. A direct dip below the same is a weak signal.
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