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Intraday Technical Outlook 04 May 2022 - Geojit Financial Services
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Gold LBMA Spot
Expect a choppy trading with mild recovery upticks as long as the support of $1848 remain undisturbed. A direct drop below $1840 would continue liquidation pressure.
Silver LBMA Spot
While prices stay below $23 there are potential downside for the day. A direct rise above $23.80 is an early recovery signal.
Crude Oil NYMEX
Initially prices may choppy inside $99-107 levels and breaking any of the sides would suggest fresh direction for the day.
Gold KG Jun
Choppy with mild negative bias expected initially. However, a direct drop below Rs 50600 would trigger sharp selling pressure.
Silver KG May
If unable to move past Rs 65000 liquidation pressure would continue the day. A direct rise above Rs 67000 could negate the intraday bearish view.
Crude Oil May
While prices sustain below Rs 8000 there are more selling pressure in cards. However, major downside support is seen at Rs 7400.
Natural Gas May
Though broad trend remains choppy, expect a corrective selloffs initially. Meanwhile, major liquidation is seen only a cross below Rs 575.
Copper May
Expect choppy with mild negative bias trading as long as prices stay below Rs 775. Upside turnaround point is placed at Rs 798.
Nickel May
Prices remain range bound inside Rs 2300-2600 levels and breaking either the sides would suggest fresh short term directions.
Zinc May
Short term outlook remain choppy with negative while prices stays below Rs 340. A direct rise above Rs 365 would take prices higher.
Lead May
If unable to move past Rs 180 expect recovery upticks for the day. A direct drop below the same wis major selling signal.
Aluminium May
As long as prices stay below Rs 248 weak bias to continue the day. A direct rise above Rs 260 is a positive sign.
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