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Published on 9/07/2020 11:34:23 AM | Source: Geojit Financial Services Ltd

Intraday Technical Outlook 9 July 2020 - Geojit Financial

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

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Gold Mini Jul/ LBMA Spot Gold

Prices continue to edge higher as long as it stays above $1770. Next resistances are seen at $1830 followed by $1882. Meanwhile, an unexpected drop below $1720 could negate the buying momentum and take prices lower. MCX GoldM Aug: Res at Rs 49820/51500. Sup: Rs 48150.

 

Silver Mini Aug/ LBMA Spot Silver

While prices stay above the immediate upside obstacle of $18.50 expect upticks to continue the day. However, a direct turn below $18.20 would extend weakness but downside turnaround point is seen at $15.80. MCX Silver Aug: Res at Rs 52450. Sup: 49250.

 

Copper Jul

Prices continue to edge higher as long as 474 hold the downside. Further weakness is seen only a close below 450.

 

Nickel Jul

Inability to move past 998 expect ongoing momentum to continue with major resistance is seen at 1028/1049.

 

Lead Jul

If unable to break the support of 144 intraday bias will be on the positive side. Weakness expected only a break below 141.

 

Zinc Jul

Prices continue to edge higher towards the next resistance of 172.

 

Aluminium Jul

Breaking the resistance point of 140 is required to continue further upticks in the counter. If unable to do so may see weakness.

 

MCX Crude Oil June/NYMEX Crude Jul

Resistance point of $41-42 region continue to put pressure on prices. A direct break of which will extend buying momentum towards $43/47 levels. Else, may see a choppy with mild negative bias trading towards the immediate support of $37. MCX Jul: Res at Rs 3155 / Support: Rs 2990.

 

Natural Gas Jul

If unable to break 144 expect mild corrective selling pressure for the day. A close above 144 is required to trigger major rallies.

 

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