Intraday Technical Outlook 06 May 2021 - Geojit Financial
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Gold Mini Jun/ LBMA Spot Gold
If prices cleared the immediate upside obstacle of $1800, upticks likely to continue towards $1816 initially followed by $1842 . However, inability to break the same 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
As long as prices stay above $25.60 positive momentum would continue the day as well. 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
If 758 remain hold the downside, there are chances of continuation of upside. A direct drop below 754 would extend corrective sellingb
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 175 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
Bullish outlook remain intact in the counter s long as 193 hold the downside. However, major downside reversal point is placed at 185
MCX Crude Oil May/NYMEX Crude May
Intraday resistance is seen at $67, a direct rise above the same the momentum likely to extend towards $72 or even more. Meanwhile, a close below $62.50 is an immediate selling signal but, major liquidation is seen only a close below $59. MCX May: Res at Rs 4960 / Support: Rs 4680.
Natural Gas May
A direct break above 222 is required to continue the buying momentum. Else, there are chances of corrective selling pressure for the day.
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