Commodity Intraday Technical Outlook 29 January 2024 - Geojit Financial Services
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Gold LBMA Spot:
Break below the stiff support of $1990 would trigger liquidation pressure. Else, recovery rallies are on the cards.
Silver LBMA Spot:
Support of $22.50 may remain hold and see recovery upticks.
Crude Oil NYMEX:
While above $76 intraday momentum mostly on the positive side. A direct drop below $72 is a weak signal.
Gold KG Apr:
Break below Rs 61800 expect corrective selling pressure. Else, there are chances of a recovery rally.
Silver KG Feb:
Unexpected drop below Rs 71000 may see extension of selling pressure. Else, pullback rallies are expected.
Crude Oil Feb:
Upticks would continue while prices stay above Rs 6200. Immediate downside reversal point is seen at Rs 5800.
Natural Gas Feb:
Recovery pullbacks expected as long as the support of Rs 210 hold downside.
Copper Feb:
While above Rs 725 expect to continue recovery rallies. Break below Rs 716 is a weak sign.
Nickel Feb:l
Expect choppy with thin volume trading in the near future.
Zinc Feb:
Immediate resistance is placed at Rs 230. Break of which would extend rallies.
Lead Feb:
Expect sideways trade inside Rs 184-181 levels for the day.
Aluminium Feb:
Mild positive bias expected as long as prices stay above Rs 198. Further liquidation expected only below Rs 196.
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