Commodity Intraday Technical Outlook 07 December 2023 - Geojit Financial Services Ltd
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Gold LBMA Spot
Choppy with mild corrective selloffs expected to continue the day. Anyhow broad trend remains on the positive side as long as it stays above $1990.
Silver LBMA Spot
It required to break above $25.20 to continue rallies. Else, likely see weak momentum for the day.
Crude Oil NYMEX
Prices remains on the weaker side as long as it stays below $74. Immediate upside turnaround point is placed at $78.
Gold KG Feb
Choppy trading expected initially. However, major selloffs are expected only below Rs 62000.
Silver KG Feb
Further rallies are expected only above Rs 77200. inability to move past the same, expect weak bias for the day.
Crude Oil Dec
A direct break below Rs 5800 would extend liquidation pressure. If the support hold, expect recovery upticks.
Natural Gas Dec
Outlook remain on the bearish side. Immediate upside turn around point is placed at Rs 240.
Copper Dec
Intraday bias mostly on the weaker side while prices stay below Rs 715. Consistent trades above Rs 725 expect rallies.
Nickel Dec
Expect choppy with thin volume trading in the near future.
Zinc Dec
If prices sustain above Rs 224 there are chances of recovery rallies. Else, weakness may continue the day.
Lead Dec
A direct rise above Rs 188 could negate the prevailing weak momentum and edge prices higher.
Aluminium Dec
Weak bias likely to continue while prices stay below Rs 198. Anyhow immediate resistance is seen at Rs 203.
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