Commodity Intraday Technical Outlook 07 May 2024 - Geojit Financial Services Ltd
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Gold LBMA Spot
Momentum mostly choppy with mild recovery bias for the day.
Silver LBMA Spot
Break above the resistance of $27.50 would extend rallies. Else, mild correction is on the cards for the day.
Crude Oil NYMEX
A direct break below $76 would trigger another round of selling pressure.
Gold KG Jun
Break above the resistance of Rs 71600 would extend rallies. If not, expect weak bias for the day.
Silver KG Jul
As long as Rs 81000 hold downside, there are chances of recovery pullbacks to continue for the day.
Crude Oil May
Stiff support is placed at Rs 6500. Break of which would extend selling pressure.
Natural Gas May
If unable to move past Rs 190 expect selling pressure to continue the day.
Copper May
While above Rs 192 intraday outlook remain positive.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
While prices stay above Rs 250 intraday outlook remain on the positive side.
Lead May
Prices most likely choppy inside Rs 192.50-190 levels initially.
Aluminium May
Expect recovery upticks as long as the support of Rs 228 remain undisturbed.
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