Commodity Intraday Technical Outlook 12 February 2024 -Geojit Financial Services
Gold LBMA Spot:
Intraday bias remains on the weaker side while prices stay below $2070. Stiff support below $2000 would trigger further liquidation.
Silver LBMA Spot:
A direct drop below $22 would trigger another round of liquidation pressure. Immediate upside turnaround point is placed at $23.40.
Crude Oil NYMEX:
Consistent trades above $77 would trigger further rallies. Else, weak bias on the cards.
Gold KG Apr:
Further selloffs expected only below Rs 70300. If unable to break the same would call for recovery rallies.
Silver KG Mar:
Choppy trading expected the day initially. A direct drop below Rs 6150 is a weak sign.
Crude Oil Feb:
Broad outlook remain on the weaker side. Break above Rs 165 could lift prices higher for the day.
Natural Gas Feb:
Broad outlook remain on the weaker side. Break above Rs 165 could lift prices higher for the day.
Copper Feb:
Intraday sentiment likely to extend selling pressure. Anyhow stiff resistance is placed at Rs 722.
Nickel Feb:
Expect choppy with thin volume trading in the near future.
Zinc Feb:
Weak bias likely to continue as long as the resistance of Rs 212 caps upside.
Lead Feb:
Support is seen at Rs 175 which if hold expect mild recovery upticks for the day.
Aluminium Feb:
Further selloffs expected only below Rs 199. Else, mild recovery rallies are possible the day.
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