Intraday Technical Outlook 16 December 2021- Geojit Financial Services
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Technical Commentary
Gold.
Mild negative bias likely as long as the resistance of $1800 remains caps the upside. A direct rise above $1820 is needed to negate the view.
Silver
Major support is seen at $21.20, which if remain holds a swift upside turnaround is possible the day. A direct drop below the same is a weak signal.
Crude Oil
If $69 remain undisturbed expect recovery upticks. A direct drop of which is an early signal of major liquidation.
Technical Commentary
Gold KG
Inability to break above Rs 48600 expect choppy trading remain on cards. A direct rise above the same is a short term buying signal.
Silver KG
A mild negative bias trading expected as long as Rs 63200 restrict further upsides. A close below Rs 59800 is a strong bearish signal.
Crude Oil
A direct rise above Rs 5520 would take prices higher. Else, there are chances of corrective selling pressure but major support is placed at Rs 5270.
Natural Gas
Inability to move past the support of 288 there are more potential upside. A close below 275 is major weak signal.
Copper
Consistent trades above Rs 737 would take prices further higher. Immediate downside reversal point is placed at Rs 714.
Nickel
If Rs 1515 hold the downside there are potential upside for the day. Anyhow, major resistance is seen at Rs 1590.
Zinc
Immediate support of Rs 265 likely to restrict further liquidation in prices. However, firm resistance is seen at Rs 280.
Lead
If 184 continue to hold the downside there are chances of a swift upticks in the counter. A direct drop below the same is an early liquidation signal.
Aluminium
Breaking the immediate upside hurdle of Rs 217 is needed to continue rallies. Otherwise, choppy with mild negative bias is on cards.
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