Commodity Intraday Technical Outlook 04 October 2023 - Geojit Financial Services
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Gold LBMA
Spot Liquidation pressure likely to continue while prices stay below $1880. Immediate upside turnaround point is placed at $1920.
Silver LBMA
Spot Choppy with negative bias expected initially. Major support is seen at $20.20 which if cleared would extend weakness.
Crude Oil NYMEX
Consistent trades below $88 would extend liquidation pressure. Else, there are chances of recovery upticks.
Gold KG Dec
Selling pressure to extend while prices stay below
Rs 58000. A close above Rs 60200 is required to negate the bearish outlook.
Silver KG Dec
Weakness remain on the cards as long as prices stay
below Rs 69500. Immediate upside turnaround point
is placed at Rs 72500.
Crude Oil Oct
Further weakness is seen only below Rs 7300. If not,
expect a mild recovery uptick for the day.
Natural Gas Oct
Further rallies are seen only a close above Rs 245.
Inability to break the same may see corrective selling pressure.
Copper Oct
Intraday outlook seems bearish initially but if it
clears the support of Rs 706 would see further liquidation pressure.
Nickel Oct
Expect choppy with thin volume trading in the near
future Zinc Oct
While prices stay below Rs 225 there are more potential downside. Unexpected rise above the same
would see recovery upticks.
Lead Oct
Corrective selloffs would see if prices are unable to
move past Rs 188.
Aluminium Oct
Break above Rs 210 would see extension of rallies.
Else, choppy with corrective selloffs expected the
day.
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