Evening Roundup : A Daily Report on Bullion, Energy & Base Metals for 17 October 2023 By Geojit Financial
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BULLION
Gold
Choppy trades expected initially, but if unable to break the support of Rs 58500 there are
chances of recovery upticks later.
Silver
Expect a congested trade inside Rs 72000-69000 levels and breaking any of the sides would suggest fresh directional moves.
ENERGY
Crude Oil
Consistent trades above the resistance zone of Rs 7300-7340 is needed to trigger fresh rallies. Else, corrective selling pressure would continue the day.
Natural Gas
Weakness would continue as long as prices stay below Rs 272. A direct surge above the same could negate the outlook.
BASE METALS
Copper
As prices stay below the support of Rs 702 weak bias would continue the day. A direct rise above Rs 704 is sign of recovery upticks.
Nickel
Thin volume trades seen.
Zinc
If unable to sustain above Rs 223 bearish outlook would extend the day. Else, recovery rallies are possible.
BASE METALS
Lead
Further correction is seen only below Rs 185. If unable to breach the
same may see mild recovery pullbacks.
Aluminium
While prices stay below Rs 203 likely to continue weak bias. Consistent trades above Rs 207 is needed to negate the outlook.
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