Intraday Technical Outlook 07 December 2021- Geojit Financial Services
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Technical Commentary
Gold.
A direct break below the support of $1765 would extend the selling pressure. Else, there are chances of recovery upticks for the day.
Silver
While prices stay below the major support of $22.50 expect more bearish actions in the counter. Recovery upticks can be seen only a break above $23.
Crude Oil
If the $64 support remains holds, there are chances of recovery upticks in the cards. A direct drop below the same would extend liquidation pressure.
Technical Commentary
Gold KG
A direct turn above Rs 48600 would extend the buying momentum. Else, there are chances of continuation of weak bias.
Silver KG
Prices remains choppy with negative as long as Rs 63200 restrict further upsides. A close below Rs 60300 is a strong bearish signal.
Crude Oil
Recovery upticks likely to extend while the support of Rs 5070 obstruct further downside moves. Anyhow, major resistance is seen at Rs 5480.
Natural Gas
Immediate support is seen at $275 if holds expect recovery upticks for the day. A direct drop below would trigger further liquidation.
Copper
Choppy with mild negative bias trading is likely as long as Rs 737 remains caps the upside. Major support is placed at Rs 714.
Nickel
A direct break of the support of Rs 1520 would trigger further selloffs. Otherwise recovery rallies expected.
Zinc
Immediate support of Rs 265 likely to restrict further liquidation pressure. However, firm resistance is seen at Rs 278.
Lead
A direct break of Rs 182 would continue selling pressure. Otherwise recovery upticks are on cards.
Aluminium
A congested trade inside Rs 217-207 levels remains on cards. Breaking either the sides would set fresh short term direction.
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