MCX Contracts - Intraday Technical Outlook - May 20, 2020 - Geojit

Gold Mini May/LBMA Spot Gold

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

Silver Mini Jun/LBMA Spot Silver

Bullish bias likely to continue as prices convincingly cleared the resistance of $15.80. Next resistances are placed 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

Expect a choppy trading inside 129-132 levels initially. Breaking any of the sides would suggest fresh direction to the commodity.

Zinc May

Recovery rallies may continue as long as prices stay above 155. 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 may continue if prices cleared the immediate obstacle of $33.50. Else, expect corrective selling pressure for the day. However a direct rise above $34 prices could target $38/$42 levels later. Major weakness is seen only a break below $22. MCX May: Res at Rs 2560/ Support: Rs 2320.

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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