Intraday Technical Outlook 05 May 2021 - Geojit Financial
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Gold Mini Jun/ LBMA Spot Gold
Breaking the immediate upside obstacle of $1800 is required to extend the buying momentum towards $1816 initially followed by $1842. However, inability to do so, there are chances of corrective selling pressure but stiff support is placed at $1760. MCX GoldM May Res: 47890 Support: 45720.
Silver Mini Jun/ LBMA Spot Silver
If the support of $25.60 remain undisturbed, expect upticks 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: 68240.
Copper May
A direct rise above 764 would expected bullish rallies for the day. Anyhow, a direct turn below 745 is an immediate reversal signal.
Nickel May
A choppy trade expected initially inside 1363- 1308 levels, and breaking any of the sides would suggest fresh direction for the day.
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
Prices remain choppy inside 228-240 levels initially. Either side breakout would suggest fresh direction to the commodity for the day.
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
Bullish outlook likely to continue the day as long as $64 hold the downside. Meanwhile, a close below $62.50 may trigger selling pressure but, major liquidation is seen only a close below $59. MCX May: Res at Rs 4960 / Support: Rs 4680.
Natural Gas May
Breaking 222 is required to extend the buying momentum. Else, there are chances of corrective selling pressure for the day.
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