Commodity Intraday Technical Outlook 30 January 2024 - Geojit Financial Services
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Gold LBMA Spot:
Prices remain choppy initially. Break below the stiff support of $1990 would trigger liquidation pressure.
Silver LBMA Spot:
Consistency above $23 is required to trigger rallies. Eles, rangebound trades are on the cards.
Crude Oil NYMEX:
If unable to sustain above $79 may see corrective selling pressure. Else, it may continue rallies.
Gold KG Apr:
It is required to break above Rs 62600 to trigger fresh rallies. Else, weak bias expected the day.
Silver KG Feb:
Unexpected drop below Rs 71000 may see extension of selling pressure. Else, likely for pullback rallies.
Crude Oil Feb:
Further rallies are seen only above Rs 6500. Inability to move past the same would see corrective selloffs.
Natural Gas Feb:
Liquidation pressure would continue while prices stay below Rs 190. Immediate and strong resistance is placed at Rs 210.
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:
Initial bias would be sideways trade inside Rs 184- 181 levels.
Aluminium Feb:
Stiff resistance is placed at Rs 206 which needs to be cleared for continuation of rallies. Else, prices remain choppy for the day.
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