Intraday Technical Outlook 11 August 2021 - Geojit Financial
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Gold Mini Aug/ LBMA Spot Gold
Choppy with mild recovery bias is likely if prices remain hold the support of $1715. A direct drop of which bearish momentum may continue towards $1665 or even more. Trend reversal is seen only a cross above $1835. MCX GoldM Sep Res: 46590 Support: 44680.
Silver Mini Aug/ LBMA Spot Silver
Prices remain under pressure as long as it stay below the support of $24.20. However, intraday major supports are seen at $22.40 followed by $21.60. Immediate upside reversal is seen only a break above $26.40. MCX SilverM Aug: Res at Rs 65200. Sup: 59800.
Copper Aug
A direct break of 716 would continue the liquidation pressure in the counter. Else, there are chances of recovery upticks for the day.
Nickel Aug
A direct rise above 1445 recovery upticks may continue the day. Further selling pressure is seen only a break of 1390.
Lead Aug
Immediate resistance is seen at 182, break of which fresh rallies would continue. Else, there are chances of choppy trading.
Zinc Aug
Prices remain volatile inside 242-250 levels and breaking any of the sides would suggest fresh direction to the commodity.
Aluminium Aug
Expect a range bound trade inside 209-204 levels initially and breaking any of the sides would suggest further direction.
MCX Crude Oil Jul/NYMEX Crude Aug
Inability to break the resistance of $69, there are chances of continuation of selling pressure. Otherwise, recovery upticks are in cards for the day. An unexpected rise above $72 could negate the bearish expectation and take prices higher. MCX Aug: Res at Rs 5270 / Support: Rs 4980.
Natural Gas Aug
Corrective selloffs are likely as long as 313 remain caps the upside. A direct rise above the same may take prices further high.
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