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Intraday Technical Outlook 9 August 2021 - Geojit Financial
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Gold Mini Aug/ LBMA Spot Gold
Weak bias to continue while prices stay below $1788. Next major support is seen at $1665 a direct drop of which is a short term bearish signal. Likewise, it required to break above $1835 to trigger recovery rallies in the counter. MCX GoldM Sep Res: 47540 Support: 46220.
Silver Mini Aug/ LBMA Spot Silver
As prices cleared the support of $24.20 liquidation pressure likely to extend the day. Intraday major supports are seen at $22.40 followed by $21.60. Further upside is seen only a break above $26.40. MCX SilverM Aug: Res at Rs 67200. Sup: 63400.
Copper Aug
If the support of 720 remain hold the downside, expect recovery moves in the counter. A direct drop below the same is a major weak signal.
Nickel Aug
Expect weak bias as the 1480 resistance continue to restrict fresh upside moves. Anyhow major support is seen at 1390.
Lead Aug
While prices stay below 177 expect to trigger weak bias for the day. Major upside turnaround point is placed at 179.
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 207-204 levels initially and breaking any of the sides would suggest further direction.
MCX Crude Oil Jul/NYMEX Crude Aug
Intraday bias likely to be negative with immediate support is seen at $66. A direct break of which the momentum may continue in next sessions as well. An unexpected rise above $72 could negate the bearish expectation and take prices lower. MCX Aug: Res at Rs 5180 / Support: Rs 4880.
Natural Gas Aug
Bullish outlook may continue while prices stay above 303. A close below 298 likely to correct prices lower.
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