Intraday Technical Outlook on Commodities - May 27, 2020 - Geojit

Gold Mini May/LBMA Spot Gold

Chances of recovery upticks are still open as long as prices stay above $1710. However, next upside obstacles are seen at $1745 fol-lowed by $1780 levels. An unexpected drop below $1665 could dent the broad bullish ex-pectation and take prices lover. MCX GoldM May: Res at Rs 47480. Sup: Rs 46040.

Silver Mini Jun/LBMA Spot Silver

Sentiments likely to stay positive as long as prices hold above $16.40. However, it needs to break $17.65 to trigger major rallies in the counter. Immediate downside reversal point is seen at $14.80. MCX Silver June: Res at Rs 49350. Sup: 46950.

Copper Jun

Upticks likely to continue as long as prices stay above 405. Major weakness is seen only a break of 398.

Nickel Jun

While prices stay above 918 expect to contin-ue the upside momentum. Further weakness is seen only a break of 898.

Lead Jun

Immediate support of 129 likely to act as a stiff downside obstacle and take prices higher to 135 or more.

Zinc Jun

Recovery rallies would continue as long as prices stay above 155. Next strong resistance is seen at 161.

Aluminium Jun

If 132 remain caps upside expect weak mo-mentum to continue with stiff support is seen at 126.

MCX Crude Oil June/NYMEX Crude June

Prices needs to break $35 to continue positive momentum in the counter. Else, likely for cor-rective selling pressure for the day. A direct rise above $35 next upside levels are seen at $38/$42 levels. Meanwhile, an unexpected drop below $30 could take prices lower. Major weakness is seen only a break below $22. MCX May: Res at Rs 2640 / Support: Rs 2440.

Natural Gas Jun

As long as 132 hold the downside, expect ral-lies to continue with immediate resistance is seen at 137 followed by 144.

Source : Equity Bulls

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