Commodity Intraday Technical Outlook 16 February 2024 -Geojit Financial Services
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Gold LBMA Spot:
Prices remain range bound in a tight range inside $2060-2010 levels initially.
Silver LBMA Spot:
A direct drop below $22 would trigger another round of liquidation pressure. Else possibilities of mild upticks.
Crude Oil NYMEX:
Breaking any of the sides of $76-71 region would suggest fresh short term directions.
Gold KG Apr:
A direct break below 61000 would extend selling pressure. Else, recovery upticks are on the cards.
Silver KG Mar:
Further selloffs expected only below Rs 70300. If unable to break the same would call for recovery rallies.
Crude Oil Feb:
Ongoing buying interest likely to continue the day. Downside reversal is expected only below 6150.
Natural Gas Feb:
Prices remain choppy inside 132-139 region and breaking any of the sides would guide fresh directional moves.
Copper Feb:
Inability to break 722, there are chances of weak bias to continue the day.
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:
Expect choppy with negative bias trading as long as prices stay below Rs 181.
Aluminium Feb:
As long as the support of 199 holds expect mild pullbacks. Unexpected drop of which would trigger further liquidation.
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