Commodity Market Insights - May 18, 2020 - Geojit

Gold Mini May / LBMA Spot Gold

As prices cleared the resistance of $1738 expect rallies to continue with next targets seen at $1780 followed by $1800 levels. However, a drop below $1665 is required to dent the broad bullish expectation and take prices lover. MCX prices are expected a gap up opening towards fresh life time highs for the day. MCX GoldM May: Res at Rs 47980. Sup: 471200.

Silver Mini Jun / LBMA Spot Silver

Continuation of buying interest may be seen as prices convincingly cleared $15.80. Next resistance is seen at $17.45 followed by $18.20. Immediate downside reversal point is seen at $14.80. A sharp gap up opening is expected in MCX silver as well. MCX Silver June: Res at Rs 48800. Sup: 46350.

Copper May

As prices stay above 398 expect buying momentum to continue the day. Further weakness may be seen only a break of 392.

Nickel May

Immediate resistance of 928 needs to be cleared for continuation of further upside. Else, may see corrective selling pressure for the day.

Lead May

Immediate support of 129 needs to be cleared for continuation of further downside pressure. Else, may see mild recovery moves for the day.

Zinc May

Recovery rallies may continue as long as prices stay above 152. Immediate resistance is seen at 158.

Aluminium May

If the immediate support of 129 hold the downside, expect to trigger recovery rallies for the day. Else, may continue weakness.

MCX Crude Oil June / NYMEX Crude June

Buying interest to continue as long as prices stay above $28. Next upside targets are seen at $33 followed by $38. However, upside reversal point is seen at $42. Further weakness is seen only a break below $22. MCX May: Res at Rs 2360/ Support: Rs 2080.

Natural Gas May

Expect a choppy trading inside 132-118 levels initially. Breaking any of the sides would suggest fresh direction to the commodity.

Source : Equity Bulls

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