Commodity Intraday Technical Outlook 23 January 2024 - Geojit Financial Services
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Gold LBMA Spot
Expect mild weakness to continue initially, but major downside reversal is seen only below $1990.
Silver LBMA Spot A
As prices cleared the support of $22.50 would see further liquidation pressure.
Crude Oil NYMEX
Consistent trades above $75 would target more upside. Meanwhile, a direct dip below $70 is a weak sign.
Gold KG Apr:
Prices needs to clear Rs 62000 to trigger fresh rallies. Else, weakness would continue the day.
Silver KG Feb:
While below Rs 71000 intraday momentum mostly on the weaker side. Major upside reversal point is placed at Rs 73000.
Crude Oil Feb:
Break above Rs 6300 would trigger further rallies. Else, choppy trades are on the cards. Anyhow major downside reversal point is placed at Rs 5850.
Natural Gas Jan:
Weak bias to continue while prices stay below Rs 215. Immediate upside reversal point is seen at Rs 225.
Copper Feb:
Consistent trades above Rs 726 would extend further rallies. Else, corrective selling pressure expected the day.
Nickel Feb:
Expect choppy with thin volume trading in the near future.
Zinc Feb:
Break below Rs 218 would liquidate prices further. Else, recovery rallies are on the cards.
Lead Feb:
A direct drop below Rs 182 expect further weakness. If unable to so may see recovery upticks.
Aluminium Feb:
Outlook remains on the weaker and stiff support is placed at Rs 194. Immediate upside hurdle is seen at Rs 202.
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