Intraday Technical Outlook 02 February 2022 - Geojit Financial Services
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Gold LBMA Spot
Expect a choppy trade inside $1780 - 1815 levels initially and breaking either the sides would suggest fresh direction for the commodity.
Silver LBMA Spot
Recovery upticks are possible as long as the support of $21.40 remain undisturbed. A direct drop below the same is a major liquidation signal.
Crude Oil NYMEX
There are more potential upside while it stays above $88. A direct drop below $86 corrective selloffs are likely for the day.
Gold KG Feb
Choppy with mild upside bias expected as long as the support of Rs 47200 hold downside. However, major resistance is seen at Rs 49000.
Silver KG Mar
Recovery upticks can be seen if it closes above Rs 62200. Else, there are choppy with mild negative session expected the day.
Crude Oil Feb
Rallies may continue while it stays above Rs 6380. Break below Rs 6200 would negate the bullish outlook and take prices lower.
Natural Gas Feb
Upticks likely to continue as long as the support of Rs 348 restrict further downside. Major resistance is seen at Rs 404.
Copper Feb
Inability to trade higher above Rs 762 would extend weakness. Else, a choppy with corrective selling pressure is on cards.
Nickel Feb
Immediate resistance is seen at Rs 1726. Consistent trades above the same would extend buying pressure. Else, a choppy trades is on cards for the day.
Zinc Feb
Break above Rs 300 is needed to continue rallies. If unable to do so, choppy trading is on cards for the day.
Lead Feb
Major support is seen at Rs 184.50. a direct break of which would trigger sharp liquidation pressure. Else, there are chances of recovery upticks.
Aluminium Feb
Consistent trades above Rs 245 would extend rallies. Otherwise a choppy with negative bias trading is on cards for the day.
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