Intraday Technical Outlook 18 May 2021 - Geojit Financial
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Gold Mini Jun/ LBMA Spot Gold
Buying momentum would continue towards the immediate resistance of $1880 which if cleared it may extend the trend to $1928 or even more. Prices required to break the support of $1810 to negate the bullish expectations and take prices lower. MCX GoldM Jun Res: 49400 Support: 46360.
Silver Mini Jun/ LBMA Spot Silver
While prices stay above $28.20 there are chances of continuation of upticks towards $30 initially. Break above the same is an early signal of major bullish trend. Further weakness is seen only if prices close below $25. MCX SilverM Jun: Res at Rs 74800. Sup: 70150.
Copper May
Further rallies can be seen only a break above 788. Else, there are chances of choppy with corrective selling bias for the day
Nickel May
A direct break above 1340 is required to continue bullish momentum. Else, expect a weak bias trading for the day.
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
Next major upside obstacle is seen at 240. a direct break of which the momentum may extend till 255 or more. Inability to do so, expect corrective selling pressure.
Aluminium May
If the support of 192 remain undisturbed, expect recovery moves for the day. A direct drop below 190 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, prices remain choppy inside $63-66.50 levels for the day. A close below $60.50 is a short term bearish signal. MCX May: Res at Rs 4935 / Support: Rs 4575.
Natural Gas May
While prices stay above 226 bullish momentum may continue the day. Anyhow, weakness is seen only a break of 212.
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