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Intraday Technical Outlook 4 August 2021 - Geojit Financial
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Gold Mini Aug/ LBMA Spot Gold
A direct break above the resistance of $1835 is needed to continue upticks. Else, there are chances of corrective selling but, breaking the important support of $1790 required to extend the momentum in near term. MCX GoldM Sep 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. Meanwhile, a direct drop below the same is a signal of long liquidation pressure. MCX SilverM Aug: Res at Rs 69200. Sup: 66800.
Copper Aug
Choppy with mild negative bias is likely as long as prices stay below 745. A close above 752 is a sign of recovery.
Nickel Aug
Recovery upticks may continue while the support of 1445 remain hold the downside. Major downside turnaround point is seen at 1390.
Lead Aug
Prices required to break 179 to continue further upside. Else, expect choppy with negative bias trading for the day.
Zinc Aug
While prices stay below 249 there are chances of corrective selling pressure. Further rallies are seen only a close above 256.
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 intraday trend remains on the weaker side, if unable to break the support of $69 there are chances of recovery upticks. Anyhow, a direct drop below the same would continue liquidation pressure in near term. Further major rallies can be seen only a close above $74.50. MCX Aug: Res at Rs 5340 / Support: Rs 5020.
Natural Gas Aug
Corrective selling pressure is likely as long as 303 caps the upside. A direct rise above the same would take prices further higher.
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