Intraday Technical Outlook - June 2, 2020 - Geojit

Gold Mini Jul/LBMA Spot Gold

Prices needs to stabilize above $1745 to strengthen the present buying momentum towards $1775 followed by $1800 levels. Else, may see a corrective selling pressure for the day. An unexpected drop below $1665 could dent the bullish expectation and take prices lover. MCX GoldM Aug: Res at Rs 47480. Sup: Rs 45950.

Silver Mini Jun/LBMA Spot Silver

Positive bias will continue as prices hold above $17.60. Further resistance is seen at $18.90, a direct rise above the same would be a sold signal for major bullish waves. Weakness is expected only a break below $15.80. MCX Silver June: Res at Rs 51200. Sup: 48400.

Copper Jun

Positive bias likely to continue as long as prices stays above 405. Major weakness is seen only a break of 398.

Nickel Jun

While prices hold above 939 expect rallies to continue in the counter. Further weakness is seen only a break of 898.

Lead Jun

As long as prices stay above the support of 129 likely to see upticks to 135 or more.

Zinc Jun

As long as 156 hold the downside, expect rallies to continue in the counter. Next strong resistance is seen at 166.

Aluminium Jun

Sentiments turned into positive as prices convincingly stayed above 131. Major support is seen at 126.

MCX Crude Oil June/NYMEX Crude June

Positive momentum will continue as long as prices stay above $35. Next upside levels are seen at $38/$42 levels. However an unexpected direct drop below $31 would negate the bullish outlook and take prices lower. Major downside reversal point is seen $22. MCX May: Res at Rs 2780 / Support: Rs 2520.

Natural Gas Jun

As long as 132 hold the downside, prices likely to stay firm with stiff resistance is seen at 151. Further major weakness is seen only a break of 116.

Source : Equity Bulls

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