Commodity Intraday Technical Outlook 1 February 2024 -Geojit Financial Services
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Gold LBMA Spot:
Prices remain choppy initially. Break below the stiff support of $1990 would trigger liquidation pressure
Silver LBMA Spot:
Consistency above $23 is required to trigger rallies. Eles, rangebound trades are on the cards.
Crude Oil NYMEX:
A direct break below $74 would extend selling pressure. Else, it may see mild upticks for the day.
Gold KG Apr:
While prices stay above Rs 62600 there are chances of mild recovery rallies. Else, weak bias expected the day
Silver KG Mar:
Unexpected drop below Rs 71000 may see extension of selling pressure. Else, likely for pullback rallies.
Crude Oil Feb:
Immediate support is seen at Rs 6200 which if cleared would extend selling pressure.
Natural Gas Feb:
Recovery rallies are expected as long as prices stay above Rs 175.
Copper Feb:
While above Rs 725 it would continue recovery rallies. Break below Rs 716 is a weak sign.
Nickel Feb:l
Expect choppy with thin volume trading in the near future.
Zinc Feb:
A direct rise above Rs 230 short term outlook mostly on the positive side. Inability to do so may see choppy trading.
Lead Feb:
Initial bias would be sideways trade inside Rs 184- 181 levels.
Aluminium Feb:
Intraday outlook mostly steady. However, consistent trades above Rs 206 there are more upside potential.
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