Commodity Intraday Technical Outlook 17 January 2024 - Geojit Financial Services
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Gold LBMA Spot
Range bound trading remains on the cards. Anyhow, major downside reversal is seen only below $1990.
Silver LBMA Spot
A mild upticks can see initially. Anyhow, a direct drop below $22.50 would trigger selling pressure.
Crude Oil NYMEX
Choppy with mild negative bias expected inside $70- 74 levels and breaking any of the sides would suggest fresh directions
Gold KG Apr
A direct drop below Rs 61800 would extend selling pressure. Else, there are chances of a recovery rally
Silver KG Feb
As long as Rs 71000 remain hold choppy with mild recovery rallies are on the cards for the day.
Crude Oil Jan
Expect choppy inside Rs 6200-5850 levels and either side breakout would guide further short term direction
Natural Gas Jan
Weak bias expected while prices stay below Rs265. A direct rise above Rs 275 would take pries further higher.
Copper Jan
Inability to break the support of Rs 710 there are chances of mild recovery upticks for the day.
Nickel Jan
Expect choppy with thin volume trading in the near future.
Zinc Jan
If unable to move past Rs 227 weak bias may continue the day as well.
Lead Jan
Choppy trading inside Rs 183.50-181 may continue initially and either side breakout would suggest fresh directions.
Aluminium Jan
Immediate support is placed at Rs 200, which if cleared would see extension of selloffs. Else, recovery rallies are on the cards.
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