Intraday Technical Outlook 16 May 2022 - Geojit Financial Services
Gold LBMA Spot
Weak bias to continue while prices stay below the support of $1848. A direct turn above $1890 is recovery signal.
Silver LBMA Spot
Bearish momentum may continue while prices stay below $23. Recovery moves are anticipated only consistent trades above $23.50.
Crude Oil NYMEX
While price stays above $108 positive outlook remains on cards for the day. A direct drop below $93 is a sign of weakness.
Gold KG Jun
As long as prices stay below the support of Rs 50600 would extend weakness.
Silver KG May
A direct dip below Rs 58000 would extend weakness. Else, there are chances of recovery upticks for the day
Crude Oil May
Expect rallies to continue while prices stay above Rs 8350. Break below Rs 7600 is a short term weak signal.
Natural Gas May
Choppy with mild positive bias expected as prices hold the support of Rs 590. An unexpected drop below the same would trigger weakness.
Copper May
Expect choppy with mild negative bias trading as long as prices stay below Rs 762. 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
Weak bias to continue while as prices cleared the stiff support of Rs 320.
Lead May
If unable to move past Rs 178 expect recovery upticks for the day. A direct drop below the same is a major selling signal.
Aluminium May
If the stiff support of Rs 230 remains hold the downside, expect recovery upticks. A direct drop of which would extend weakness.
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