Intraday Technical Outlook 12 May 2021 - Geojit Financial
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Gold Mini Jun/ LBMA Spot Gold
Expect a choppy trade inside $1845-1814 levels initially, and breaking any of the sides would suggest further directional move to the commodity. However, major resistances are placed at $1860 followed by $1874. A direct drop below $1758 is a major reversal signal. MCX GoldM Jun Res: 48480 Support: 46360.
Silver Mini Jun/ LBMA Spot Silver
Breaking the intraday resistance of $28.20 is needed to continue rallies towards $30 or even more. Else, expect a choppy with mild negative bias trading for the day. MCX SilverM Jun: Res at Rs 73500. Sup: 68600.
Copper May
Bullish momentum may take prices further higher as long as 780 hold the downside. Correction can be seen only a direct close below 768.
Nickel May
If unable to move past 1340, intraday sentiment will be choppy with negative. Anyhow, a direct turn below 1298 is required to extend selling pressure.v
Lead May
Consistent trades above 178 is required to continue the bullish momentum. Else, there are chances of corrective selloffs for the day.
Zinc May
Prices most likely choppy inside 240-229 levels initially and breaking any of the sides would suggest fresh direction to the commodity.
Aluminium May
Support of 196 remain undisturbed, expect recovery moves for the day as well. A direct drop below 192 is a weak signal.
MCX Crude Oil May/NYMEX Crude May
Breaking the immediate resistance of $66.50 is required to continue the bullish momentum. Else, there are chances of corrective selling but it has to clear $63 to reverse the short term bullish momentum. MCX May: Res at Rs 4980 / Support: Rs 4620.
Natural Gas May
If prices clear the intraday resistance of 222 sharp rallies can be seen towards 228 or more. An unexpected drop below 211 is a short term bearish signal
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