Intraday Technical Outlook 09 December 2021- Geojit Financial Services
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Technical Commentary
Gold.
Expect a choppy trade inside $1800-$1765 levels initially and breaking either the sides would suggest fresh short term directions.
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. However, a direct drop below the same would extend liquidation pressure.
Technical Commentary
Gold KG
Inability to break above Rs 48600 corrective selloffs are likely initially. A direct rise above the same is a short term buying signal.
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
Consistent trades above Rs 5520 is needed to extend the buying momentum. Else, there are chances of choppy trading with major support is placed at Rs 5270.
Natural Gas
Immediate support is seen at $275 if it holds expect recovery upticks for the day. A direct drop below would trigger further liquidation.
Copper
While prices stays above Rs 737 mild positive bias remains in the counter. Immediate downside reversal point is placed at Rs 714.
Nickel
A direct break above Rs 1590 would trigger further rallies. Otherwise corrective selloffs are expected.
Zinc
Bullish outlook may extend while the support of Rs 265 remain undisturbed. However next firm resistance is seen at Rs 282.
Lead
While prices stay above Rs 186 there are more potential upside in prices. A direct turn below Rs 182 is a sign of weakness.
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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