Commodity Intraday Technical Outlook 16 August 2024 - Geojit Financial Services Ltd
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Gold LBMA Spot
Prices remain choppy initially. It has to break above $2485 to trigger major rallies.
Silver LBMA Spot
Consistent trades above $28.50 to trigger major rallies. Else, prices remains choppy.
Crude Oil NYMEX
Expect a congested trade inside $80-75 levels initially and either side breakout would suggest fresh directions.
Gold KG Oct
Consistent trades above Rs 70500 would extend upticks. Eles, choppy trading is on the cards.
Silver KG Sep
If prices drop below Rs 78200 would see further weakness.
Crude Oil Aug
There are chances of choppy trades initially. Downside reversal point is at Rs 6050.
Natural Gas Aug
As long as Rs 178 hold downside, expect recovery rallies to continue the day.
Copper Aug
Break above Rs 790 would extend rallies. Else, corrective selloffs expected.
Nickel Aug
Expect choppy with thin volume trading in the near future.
Zinc Aug
Inability to move past Rs 260 there are potential selling pressure for the day.
Lead Aug
Choppy with mild weakness expected. Stiff resistance is placed at Rs 188.
Aluminium Aug
Consistent trads above Rs 216 likely to extend rallies. Else, weak bias intact.
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