Commodity Intraday Technical Outlook 31 May 2023 - Geojit Financial Services
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Gold LBMA Spot
Choppy trading expected initially. However, there are chances of a mild recovery upticks if it holds the support of $1920.
Silver LBMA Spot
There are chances for initial recovery but unlikely for major rallies. A direct break below $22.40 would continue weakness.
Crude Oil NYMEX
Immediate support is placed at $68 which if cleared would continue selling pressure. Else, recovery upticks are on the cards.
Gold KG Jun
As long as the support of Rs 59000 remains hold, expect recovery rallies. Consistent trades below the same is a signa of downside reversal.
Silver KG Jul
Prices remains choppy inside Rs 72000-70000 levels and breaking any of the sides would suggest fresh directional moves.
Crude Oil Jun
Break below the support of Rs 5700 would extend weakness. Else, mild recovery can be seen today.
Natural Gas Jun
While below Rs 194 would extend selling pressure. Else, recovery rallies are on the cards for the day
Nickel Jun
Expect choppy with thin volume trading in the near future.
Copper Jun
Inability to sustain above Rs 720 there are chances of selling pressure to continue the day.
Zinc Jun
Intraday trend remains on the weaker side as long as it stays below Rs 212. Trend reversal point is seen at Rs 225.
Lead Jun
If the support of Rs 182 remains undisturbed expect recovery rallies. Else, liquidation pressure may continue the day
Aluminium Jun
Further liquidation is expected only a break of the support of Rs 205. Inability to break the same would see recovery upticks.
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