Commodity Intraday Technical Outlook 16 May 2024 - Geojit Financial Services Ltd
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Gold LBMA Spot
Bullish outlook likely to continue while prices stays above $2330.
Silver LBMA Spot
Outlook remain bullish and expect to continue the momentum for the day.
Crude Oil NYMEX
Choppy with consolidation moves expected initially. A direct break above $80 would extend rallies.
Gold KG Jun
Gap up opening expected and would continue the rallies for the day. Downside reversal point is seen at Rs 71400.
Silver KG Jul
While above Rs 84500 bullish rallies would extend the day.
Crude Oil May
If unable to break the support of Rs 6400 would see recovery rallies.
Natural Gas May
Consistent trades above Rs 200 may extend rallies. Else, choppy traded ahead.
Copper May
Broad outlook remain positive as long as prices stay above Rs 870.
Nickel May
Expect choppy with thin volume trading in the near future.
Zinc May
Further rallies expected only a break above Rs 268. If unable to break it would see weak bias for the day.
Lead May
Break above Rs 195 would extend buying pressure. Else, weakness is likely for the day.
Aluminium May
It is required to break above Rs 240 to extend buying pressure. Else, choppy trades expected the day.
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