Commodity Intraday Technical Outlook 16 October 2023 - Geojit Financial Services
Gold LBMA Spot
Consistent trades above $1940 would extend rallies. Else, choppy trading expected the day.
Silver LBMA Spot
While prices stay above $22 there are possibilities of further upticks. Else, corrective selling is more likely in the cards.
Crude Oil NYMEX
Break above the immediate resistance of $88 may extend bullish outlook. Otherwise there are chances of corrective selloffs.
Gold KG Dec
If the support of Rs 58500 remains holds, expect extension of rallies. If not, selling pressure is more likely for the day.
Silver KG Dec
While above Rs 70000 further upside possibilities are still open. A close below Rs 69000 would trigger bearish outlook.
Crude Oil Oct
Immediate resistance is seen at Rs 7300 which needs to be cleared for extending rallies. If unable to do so may see weakness.
Natural Gas Oct
Prices remains choppy initially. However, it needs to break and sustain above Rs 285 to trigger fresh rallies.
Copper Oct
Immediate support is seen at Rs 695 which if cleared would extend weak bias. Else, recovery rallies are on the cards.
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
Break below Rs 185 is sign of weakness. If unable to break the same would see recovery upticks.
Aluminium Oct
Support of Rs 203 if cleared would extend weakness. Else, upticks are more likely for the day.
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