Commodity Intraday Technical Outlook 12 October 2023 - Geojit Financial Services
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Gold LBMA Spot
Recovery upticks may continue while prices say above $1820. Further selloffs are seen only a break of the same.
Silver LBMA Spot
Consistent trades above $22 would extend buying momentum. Else, choppy trading is expected the day.
Crude Oil NYMEX
Corrective selloffs would extend while prices stay below $84. Immediate upside obstacle is seen at $87.
Gold KG Dec
Upticks would extend as long as the prices stay above Rs 57500. Consistent trades below Rs 56500 is a sign of weakness.
Silver KG Dec
Prices needs to break the support of Rs 68000 to trigger weakness. Else, recovery rallies are on the cards.
Crude Oil Oct
While prices stay below Rs 7300 weak momentum to continue the day. Consistent trades above the same would negate the view.
Natural Gas Oct
Choppy with mild positive bias expected initially. However it needs to clear Rs 288 to trigger major rallies.
Copper Oct
Expect a congested trade inside Rs 715-698 levels and breaking any of the sides would suggest fresh directional moves.
Nickel Oct
Expect choppy with thin volume trading in the near future.
Zinc Oct
A direct drop below Rs 220 would extend weak bias. Else, a mild recovery bias expected the day.
Lead Oct
Choppy trades inside Rs 185-189 levels remains on the cards and breaking any of the sides would suggest fresh directional moves.
Aluminium Oct
If unable to move past Rs 203 there are potential upside. Stable trades below the same would extend selloffs.
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