Commodity Intraday Technical Outlook 19 July 2024 - Geojit Financial Services Ltd
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Gold LBMA Spot
Corrective selloffs are likely as prices are unable to move past $2500.
Silver LBMA Spot
Weak bias may continue while prices stay below $30. Further rallies expected only above $30.50.
Crude Oil NYMEX
Prices remain choppy inside $80-84 levels and either side breakout would suggest fresh directions.
Gold KG Aug
Inability to move past Rs 74500 may see corrective selling pressure for the day.
Silver KG Sep
Break above Rs 94000 would trigger further major rallies. Else weakness expected the day.
Crude Oil Aug
Resistance above Rs 6950 may see another round of rallies. If not, may see choppy with weak bias.
Natural Gas Jul
Choppy with negative bias likely to continue the day.
Copper Jul
While prices stay below Rs 840 would extend selling pressure.
Nickel Jul
Expect choppy with thin volume trading in the near future.
Zinc Jul
Choppy trades expected initially. Anyhow, a direct break above Rs 277 may extend rallies.
Lead Jul
Consistent trades below Rs 187 would extend weakness for the day.
Aluminium Jul
While below Rs 230 intraday outlook likely to be on the weaker side. Resistance is placed at Rs 234.
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