MCX Contracts - Intraday Technical Outlook - May 5, 2020 - Geojit

Gold Mini May/LBMA Spot Gold: If unable to move past $1738 expect correc-tive selling pressure for the day. However it required to break $1665 to trigger major selloffs in the counter. A direct rise above $1738 would take prices higher to $1800 or even more later. MCX GoldM May: Res at Rs 46200. Sup: 44260.

Silver Mini Jun/LBMA Spot SilverAs long as $15.80 caps the upside, expect cor-rective selloffs to continue towards $14.50 initially followed by $13.80 levels. However, a direct rise above $15.90 would trigger buying interest which could target $17.80 later. MCX Jun: Res at 42900 Sup: 41150.

Copper MayExpect a choppy trading inside 399-412 levels initially. Breaking any of the sides would sug-gest fresh direction to the commodity.

Nickel MayWeak bias may continue as long as 948 caps the upside. Further rallies are expected only a break of 956.

Lead MayIf unable to move past 135 expect weak bias to continue the day. However, major support is seen at 128.

Zinc MayIf the support of 148 hold the downside, ex-pect recovery upticks which may take prices higher to 155 or even more.

Aluminium MayIf the immediate support of 130 hold the downside, expect recovery rallies for the day. Else, may continue weakness.

MCX Crude Oil May/NYMEX Crude JuneRecovery moves may continue as long as pric-es stay above $19. Immediate resistance is seen at $23.50, a direct rise above the same prices could target $28 followed by $33 levels. An unexpected drop below $17 would trigger weak sentiment further. MCX May: Res at Rs 1680/ Support: 1340.

Natural Gas MayConsistent trades above 148 would take prices higher to 162 or even higher towards 170 lev-els. Further weakness is seen only a break of 133.

Source : Equity Bulls

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