Commodity Intraday Technical Outlook 7 February 2024 -Geojit Financial Services
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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:
It is required to break $22 to see another round of liquidation pressure. Immediate upside turnaround point is placed at $23.40.
Crude Oil NYMEX:
Consistent trades above $73 intraday bias mostly on the positive side. Immediate downside reversal point is placed at $71.
Gold KG Apr:
If the support of Rs 62000 remain holds expect mild recovery upticks for the day.
Silver KG Mar:
As long as Rs 70300 hold downside expect recovery rallies. Else, it may continue weak bias.
Crude Oil Feb:
A direct dip below Rs 6000 would extend liquidation pressure. Else, recovery rallies possible
Natural Gas Feb:
Broad outlook remain on the weaker side. Unexpected rise above Rs 180 may see mild recovery rallies.
Copper Feb:
If the support of Rs 715 hold, there are chances of mild recovery. Anyhow stiff resistance is placed at Rs 722.
Nickel Feb:
Expect choppy with thin volume trading in the near future.
Zinc Feb:
If the support of Rs 216 remain h
Lead Feb:
Expect choppy with negative bias trading as long as prices stay below Rs 181.
Aluminium Feb:
Further selloffs expected only below Rs 199. Else, mild recovery rallies are possible the day.
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