Commodity Intraday Technical Outlook 5 February 2024 -Geojit Financial Services
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Gold LBMA Spot:
While prices stay below $2070 there are more chances for weakness in the counter. Anyhow stiff support is seen at $2000.
Silver LBMA Spot:
A direct break below $22 would trigger another round of liquidation pressure. Immediate upside turnaround point is placed at $23.40.
Crude Oil NYMEX:
Weakness would extend if prices stay below $72. Immediate resistance is seen at $76.
Gold KG Apr:
Choppy with mild negative bias expected. Immediate upside turnaround point is at Rs 63000.
Silver KG Mar:
Break below Rs 71000 may see extension of selling pressure. Else, likely for pullback rallies.
Crude Oil Feb:
While below the support of Rs 6200 would extend weak momentum. Intraday stiff resistance is seen at Rs 6200.
Natural Gas Feb:
If the support Rs 172 remain holds, expect mild recovery upticks for the day.
Copper Feb:
It is required to break Rs 730 to extend rallies. If not expect weak bias for the day.
Nickel Feb:
Expect choppy with thin volume trading in the near future.
Zinc Feb:
If the support of Rs 216 remain hold, expect mild recovery upticks for the day.
Lead Feb:
Prices remain range bound inside Rs 184-181 levels and breaking either sides would suggest fresh directions.
Aluminium Feb:
Corrective selling pressure initially expected. However stiff support is seen at Rs 200.
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