Intraday Technical Outlook 04 May 2021 - Geojit Financial
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Gold Mini May/ LBMA Spot Gold
A direct break above the immediate upside obstacle of $1800 would extend the buying momentum $1816 initially followed by $1842. However, inability to cross the resistance, there are chances of corrective selling pressure but stiff support is placed at $1760. MCX GoldM May Res: 48480 Support: 47150.
Silver Mini Jun/ LBMA Spot Silver
As long as the support of $25.60 hold the downside, upticks likely to continue in the counter. Anyhow, resistance is seen at $28.30 then $30. A direct drop below $25 would trigger liquidation pressure. MCX SilverM Jun: Res at Rs 72200. Sup: 67450.
Copper May
Bullish outlook remains intact and extend the momentum as long as 745 hold the downside. Anyhow, a direct turn below 720 is an immediate reversal signal.
Nickel May
Upticks may continue as long as the support of 1252 remain undisturbed. However, a direct drop below the same is a signal of reversal.
Lead May
Consistency above 179 is required to continue the bullish momentum. Else, there are chances of corrective selloffs to continue the day.
Zinc May
Expect a choppy trade inside 228-240 levels initially and breaking any of the sides would suggest fresh direction to the commodity.
Aluminium May
If the support of 190 remain undisturbed, expect recovery upticks in the counter. However, major downside reversal point is placed at 185.
MCX Crude Oil May/NYMEX Crude May
If $62 remains hold the downside, expect recovery rallies in the counter. Anyhow, major resistances is seen at $65.50 followed by $67 levels. An unexpected break below $57 would trigger sharp selloffs in the counter. MCX May: Res at Rs 4880 / Support: Rs 4620.
Natural Gas May
Positive outlook remain intact as long as prices stay above 209. A close below 202 is a sign of reversal of the momentum.
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