Intraday Technical Outlook - June 3, 2020 - Geojit

Gold Mini Jul / LBMA Spot Gold

Prices need to stabiles 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 While prices stay above $17.60 positive bias will continue the day. Further resistance is seen at $18.90, a direct rise above the same would be a sold signal for further major bull-ish 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 pric-es stay above 414. Weakness is seen only a break of 405.

Nickel Jun

While prices hold above 939 expect rallies to continue in the counter. Downside turnaround point is seen at 898.

Lead Jun

Prices continue to move higher as long as 132 hold the downside.

Zinc Jun

Immediate resistance of 162 needs to be cleared for continuation of rallies. Else, may see corrective selloffs for the day.

Aluminium Jun

Sentiments turned into positive as prices con-vincingly 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 unex-pected direct drop below $31 would negate the bullish outlook and take prices lower. Ma-jor downside reversal point is seen $22. MCX May: Res at Rs 2870 / Support: Rs 2652.

Natural Gas Jun

Immediate support of 132 if undisturbed, ex-pect prices to stay firm with stiff resistance is seen at 151. Further major weakness is seen only a break of 116.