Intraday Technical Outlook 2 August 2021 - Geojit Financial
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Gold Mini Aug/ LBMA Spot Gold
If the resistance of $1835 remain caps the upside, there are chances of corrective selling pressure for the day. However, important support is seen at $1790 break of which it would continue the selling pressure in next sessions. MCX GoldM Aug Res: 48650 Support: 46850.
Silver Mini Aug/ LBMA Spot Silver
While prices stay above the support of $24.20 chances of recovery upticks are still on the cards. A direct drop below the same is a signal of long liquidation pressure. MCX SilverM Aug: Res at Rs 69200. Sup: 66800.
Copper Aug
If the support of 752 if hold expect recovery rallies in prices for the day. However, an unexpected break of 745 is a strong selling signal.
Nickel Aug
Bullish outlook to continue while the support of 1480 remain hold the downside. Major turnaround point is seen at 1390.
Lead Aug
If the support of 177 remain hold downside, expect a buying momentum in prices. A direct drop below 174.50 is a weak signal.
Zinc Aug
Bullish outlook would take prices further higher as long as the support of 242 remain undisturbed. Major downside turnaround point is placed at 236.
Aluminium Aug
Bullish outlook to continue while prices stay above 202. A close below 199 is a downside reversal sign.
MCX Crude Oil Jul/NYMEX Crude Aug
Though the broad trend looks bullish, it required to break $74.50 to continue further rallies. Inability to do so expect corrective selloffs but stiff support is seen at $71.5. An unexpected drop below $70.50 may negate the broad bullish view and take prices lower. MCX Aug: Res at Rs 5520 / Support: Rs 5280.
Natural Gas Aug
Corrective selling pressure is likely as long as 302 caps the upside. A direct rise above the same would take prices further higher.
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