Commodity Markets - Intraday Technical Outlook - May 19, 2020 - Geojit

Gold Mini May/LBMA Spot Gold

Expect buying momentum to continue as long as prices stay above the resistance of $1738. Next immediate resistances are seen at $1780 followed by $1800 levels. However, an unexpected drop below $1665 could dent the broad bullish expectation and take prices lover. MCX GoldM May: Res at Rs 47980. Sup: Rs 41600.

Silver Mini Jun/LBMA Spot Silver

Likely to continue the buying momentum as prices convincingly cleared the resistance of $15.80. Next resistances are seen at $17.45 followed by $18.20. Immediate downside reversal point is seen at $14.80. MCX Silver June: Res at Rs 49500. Sup: 46950.

Copper May

While prices stay above 408 expect buying momentum to continue the day. Further weakness may be seen only a break of 398.

Nickel May

As long as 928 hold the downside, expect to continue the upside momentum. Further weakness is expected only a break of 898.

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

Positive sentiments in prices may continue as long as it stays above $28. Next upside obstacles 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 2560/ Support: Rs 2380.

Natural Gas May

As prices cleared the resistance of 132 expect rallies to continue in the counter. Further weakness is seen only a break of 118.

Source : Equity Bulls

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