Commodity Intraday Technical Outlook 18 October 2023 - Geojit Financial Services
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Gold
LBMA Spot
Break above the immediate resistance of $1935 would extend rallies. Else, choppy with corrective selloffs expected the day.
Silver LBMA Spot
While above $22 likely to continue the buying momentum. Else, choppy trading is expected the day
Crude Oil NYMEX
As long as price stay above $88 it may continue with positive bias. A direct drop below $83 is a weak sign.
Gold KG Dec
Upticks may extend as long as the prices stay above Rs 57500. Consistent trades below Rs 56500 is a sign of weakness.
Silver KG Dec
Prices needs to break the support of Rs 68000 to trigger weakness. Else, recovery rallies are on the cards
Crude Oil
Oct
Recovery rallies would continue while the support of Rs 7400 remains hold. A direct dip below Rs 7150 is an immediate sign of weakness.
Natural Gas Oct
Support of Rs 255 if remains holds expect recovery upticks. A direct drop of which would liquidate prices further.
Copper Oct
Further selloffs are seen only below Rs 695. Else mild upticks 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
Consistent trades below Rs 184 is a sign of weakness. If not, expect recovery rallies.
Aluminium Oct
Stiff support is placed at Rs 201. Further selloffs are seen only a break of the same. Else, mild upticks expected the day.
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