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Published on 6/12/2019 9:52:49 AM | Source: Geojit Financial Services Ltd

Intraday Technical Outlook 06 December 2019 - Geojit Financial

Posted in Commodities Reports| #Commodity Tips #Geojit Financial Services Ltd

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Gold Mini Jan/ LBMA Spot Gold

As long as prices stay above $1469 upticks may continue towards $1492 initially, followed by $1500/1510 levels. A direct turn below $1458 would be a signal of weakness but it required to close below $1445 to trigger major liquidation pressure. MCX GoldM Jan: Res at 38400. Sup: 37800.

 

Silver Mini Feb/ LBMA Spot Silver

If the support of $16.70 hold downside, expect mild upticks but unlikely to break $17.20. However a direct drop below $16.65 would be an early signal of renewed selling pressure. Rallies above $17.25 next resistance is seen at $17.80. MCX Feb: Res at 45150. Sup: 44100.

 

Copper Dec

Expect recovery upticks if prices hold the stiff support of 427. Unexpected drop below 426 would extend selling pressure.

 

Nickel Dec

Weak bias may continue towards 970/958 or even more as long as prices stay below 998. A direct turn above 1028 is required to negate the view.

 

Lead Mini Dec

If the support of 152 hold the downside, expect recovery moves towards 154 initially followed by 155.20

 

Zinc Mini Dec

As long as prices stay below 185 expect selling pressure to continue the day. Immediate support is seen at 181.

 

Alumini Dec

Recovery upticks may continue as long as prices stay above 132.

 

Crude Oil Dec/ NYMEX Crude

Strong resistance is seen at $59 which needs to be cleared for continuation of upticks in the counter. However, inability to move past the same may see corrective selloffs extend towards $56.50 initially followed by $54.80. A direct rise above $59, next upside target is at $60.50 followed by $63 levels. MCX support at 4092. Res 4220.

 

Natural Gas Dec

Expect a choppy trade inside 181-165 levels with mild negative bias. Breaking any of the sides would suggest fresh direction to the commodity.

 

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