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Intraday Technical Outlook 20 July 2021 - Geojit Financial
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Gold Mini Aug/ LBMA Spot Gold
Expect a choppy with mild recovery bias trading for the dy. However, the $1835 resistance mark needs to be cleared for continuation of the momentum. A direct drop below $1788 is an early signal of major liquidation pressure in the counter. MCX GoldM Aug Res: 49300 Support: 47490.
Silver Mini Aug/ LBMA Spot Silver
Inability to break the support of $24.20 there are chances of recovery upticks for the day. Else, expect continuation of weak momentum for the day. Anyhow major rallies can be seen only a break above $26.80. MCX SilverM Jul: Res at Rs 70900. Sup: 66800.
Copper Jul
As long as prices stay below the support of 718 weak bias to continue the day. A direct turn above 724 is required to negate the bearish expectation and take prices higher.
Nickel Jul
If the immediate support of 1380 if cleared, expect continuation of weakness. Else, expect recovery upticks for the day.
Lead Jul
While prices stay below 177 weak momentum remains on the cards. Further rallies can be seen only above 182.
Zinc Jul
A break above 244 could take prices further higher. Otherwise it may correct lower for the day.
Aluminium Jul
Weak momentum to continue as long as prices stay below the support of 196. Major resistance is seen at 198.
MCX Crude Oil Jul/NYMEX Crude Aug
While prices stays below the support of $69 broad weakness remains on the cards. However, it has to break the next obstacle of $66 to continue the momentum. Inability to do so, there are chances of slight recovery upticks for the day. MCX Aug: Res at Rs 5200 / Support: Rs 4880.
Natural Gas Jul
Prices remain congested inside Rs 289-262 levels for the day. Either side breakout would suggest a fresh direction to the commodity.
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