Commodity Intraday Technical Outlook 31 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:
Prices needs to sustain above $79 to extend rallies. Else, there are chances of corrective selloffs.
Gold KG Apr:
Consistent trades above Rs 62600 would 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:
Stiff resistance is placed at Rs 6500 which needs to be cleared for extending rallies.
Natural Gas Feb:
Liquidation pressure would continue while prices stay below Rs 190.
Copper Feb:
As long as prices stay above Rs 725 it would 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:
Break above Rs 206 there are more upside potential. If not, expect to continue choppy trading.
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