Commodity Intraday Technical Outlook 29 July 2024 - Geojit Financial Services Ltd
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Gold LBMA Spot
Further selloffs expected only below $2350. Inability to break the same would call for recovery rallies.
Silver LBMA Spot
Choppy trading expected the day. Anyhow, stiff support at $27.50.
Crude Oil NYMEX
Tight trade inside $78.50-76 expected and either side breakout would suggest fresh directions.
Gold KG Aug
Recovery rallies may see initially. Anyhow major reversal is seen only above Rs 70000.
Silver KG Sep
Break below Rs 80500 would extend selling pressure. Else, recovery rallies expected.
Crude Oil Aug
Inability to move past Rs 6600 would extend selling pressure.
Natural Gas Aug
Broad outlook remains on the weaker side. Anyhow support is placed at Rs 176.
Copper Aug
Weakness would extend while below Rs 800. Inability to move past the same will see recovery rallies.
Nickel Aug
Expect choppy with thin volume trading in the near future.
Zinc Aug
Choppy trading is on the cards. Anyhow, a direct break above Rs 254 may extend rallies.
Lead Aug
Consistent trades above Rs 187 would lift prices higher for the day.
Aluminium Aug
As long as Rs 212 remain hold downside, expect mild recovery rallies for the day.
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