Commodity Intraday Technical Outlook 31 January 2023 - Geojit Financial Services
Gold LBMA Spot
Prices remains held choppy initially. A direct rise above $1940 is needed to extend rallies for the day.
Silver LBMA Spot
Congested trade inside $24.50-22.80 levels expected and breaking any of the sides would suggest fresh directional moves for the day.
Crude Oil NYMEX
Inability to break above $82 there are chances of selling pressure to continue the day. A direct break above the same would trigger rallies.
Gold KG Feb
It is required to break above Rs 56600 to extend buying interest. Else, corrective selling pressure are likely for the day.
Silver KG Mar
Congested trade inside Rs 66500-70000 levels remains on the cards. Breaking any of the sides of is needed to suggest fresh short term direction.
Crude Oil Feb
Breaking the immediate resistance of Rs 6600 is needed to extend rallies. Else, choppy with mild negative bias trading expected the day.
Natural Gas Jan
A mild recovery can be seen if prices are unable to break the support of Rs 220. Anyhow it needs to sustain above Rs 235 to extend rallies.
Copper Feb
As long as prices stay above Rs 775 may see extension of rallies. Else, choppy with mild negative bias is on the cards for the day.
Nickel Feb
Expect choppy with thin volume trading in the near future.
Zinc Feb
Consistent trades above Rs 300 would extend rallies. Else, corrective selling pressure is on the cards.
Lead Feb
Selloffs likely to continue as long as prices stay below Rs 189.
Aluminium Feb
Break above Rs 228 would extend rallies. Else, likely for corrective selling pressure for the day.
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