Commodity Intraday Technical Outlook 6 February 2024 -Geojit Financial Services
Gold LBMA Spot:
Weak bias remains on the card while prices stay below $2070. Stiff support below $2000 would trigger further liquidation.
Silver LBMA Spot:
Break below $22 can see another round of liquidation pressure. Immediate upside turnaround point is placed at $23.40.
Crude Oil NYMEX:
Inability to move past $73 intraday outlook remain on the weaker side. 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:
While below Rs 71000 may see extension of selling pressure. Else, likely for pullback rallies.
Crude Oil Feb:
Liquidation pressure would continue the day. Immediate turnaround point is placed at Rs 6200.
Natural Gas Feb:
If the support Rs 172 remain holds, expect mild recovery upticks for the day.
Copper Feb:
While below Rs 722 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:
As long as prices stay below Rs 181 expect weakness to continue the day.
Aluminium Feb:
Intraday outlook remains choppy with negative. Intraday upside turnaround point is placed at Rs 202.
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