Commodity Intraday Technical Outlook 30 August 2022 - Geojit Financial Services
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Gold LBMA Spot
Intraday trend remains choppy initially. However, breaking the immediate resistance of $1772 is required to trigger recovery rallies.
Silver LBMA Spot
It has seen the support of $18.50 remains hold, hence there are chances of recovery upticks. A direct dip below is a sign of major liquidation.
Crude Oil NYMEX
Initial dips are expected, followed by a consolidation and trigger upticks. An unexpected drop below $88 is a sign of weakness.
Gold KG Oct
Inability to break the support of Rs 51900 there ae chances of slight recovery expected the day. However, break of major support of Rs50800 is major bearish sign.
Silver KG Sep
As prices cleared the support of Rs 54000 bearish outlook remains on the cards. However, it needs consistency below the same to continue liquidation. Break above Rs 55800 is a sign of reversal.
Crude Oil Sep
Expect initial correction but there are more chances on the upside as it hold the support of Rs 7480. However, a direct dip below Rs 7200 is a sign of weakness.
Natural Gas Sep
Intraday outlook continue to be choppy inside Rs 780-715 and breaking any of the sides would suggest fresh directional moves for the day.
Copper Sep
A direct break below Rs 656 would trigger liquidation pressure. Else, recovery moves expected the day.
Nickel Sep
Volume less trades inside Rs 1720-2250 levels likely to continue in near future.
Zinc Sep
Further rallies are seen only a break above Rs 320. Else, expect weakness for the day
Lead Sep
Stiff resistance is seen at Rs 182. Inability to move past the same is a sign of weakness. A direct rise of which would take prices higher.
Aluminium Sep
Prices remain congested inside Rs 215-206 levels with broad negative bias for the day.
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