Intraday Technical Outlook 07 May 2021 - Geojit Financial
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Gold Mini Jun/ LBMA Spot Gold
Buying momentum may continue as long as prices stay above $1800. Anyhow, immediate intraday obstacle is seen at $1842 then $1880. A direct drop below $1780 could weaken the sentiments but major liquidation pressure can be seen once it clears the support of $1755. MCX GoldM May Res: 48490 Support: 46820.
Silver Mini Jun/ LBMA Spot Silver
Intraday momentum likely to be on the upside while prices stays above $26.60. Anyhow, stiff upside obstacles are placed at $28.30 then $30. A direct drop below $25 is an immediate reversal signal. MCX SilverM Jun: Res at Rs 73400. Sup: 69400.
Copper May
Bullish outlook would continue while the support of 768 remain undisturbed. A direct drop below 754 would extend corrective selling.
Nickel May
Intraday trend continue to be choppy initially inside Rs1363-1308 levels and breaking any of the sides would suggest fresh direction for the metal.
Lead May
Inability to move past 173 there are chances of recovery upticks. However a close below 171 is a weak signal.
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 196 hold the downside. However, a direct dip below 193 is a trend reversal signal.
MCX Crude Oil May/NYMEX Crude May
Prices required to break the resistance point of $67 to extend the buying momentum towards $72 or even more. Otherwise expect corrective selling pressure but a direct close below $62.50 is required to extend the liquidation pressure. MCX May: Res at Rs 4960 / Support: Rs 4680.
Natural Gas May
Support of 212 if remain hold, there are chances of recovery upticks for the day. However, an unexpected drop below the same would extend liquidation pressure.
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