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Intraday Technical Outlook 05 February 2021 - Geojit Financial
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Gold Mini Feb/ LBMA Spot Gold
As prices cleared the support of $1800 sentiment turned into negative but, breaking $1764 is required to continue the momentum. Else, there are chances of slight recovery uptick for the day. A direct break above $1880 could negate the current momentum and lift prices higher. MCX GoldM Feb Res: 48150 Support: 45750
Silver Mini Feb/ LBMA Spot Silver
Corrective selloffs are likely as long as prices stay below $28. Anyhow major downside turnaround point is seen at $24. Prices required to break $30 convincingly to continue bullish momentum in the counter. MCX Silver Feb: Res at Rs 71400. Sup: 65320.
Copper Feb
Recovery upticks may continue if prices hold the support of 585. An unexpected drop below the same is a bearish signal.
Nickel Feb
Braking the support of 1270 is required to extend the momentum. Else, there are chances of mild uptick for the day.
Lead Feb
Recovery upticks are likely as long as 159 hold the downside. Strong resistance is seen at 165.
Zinc Feb
If the support of 205 remain undisturbed, upside bias may continue the day. An unexpected drop below 198 is a bearish signa
Aluminium Feb
Recovery upticks are likely as long as 160 hold the downside. Major upside obstacle is seen at 165.
MCX Crude Oil Feb/NYMEX Crude Mar
Bullish bias to continue the day while prices stays above $54. Next resistance is seen at $59 followed by $62 levels. However, corrective selloffs are likely only if prices drop below $52.50. A direct break below $49 is a bearish signal. MCX Feb: Res at Rs 4188 / Support: Rs 4010.
Natural Gas Feb
If the support of 198 remain hold, extended buying interest is likely in the counter. Major downside reversal point it at 188.
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