Intraday Technical Outlook - Commodities - June 8, 2020 - Geojit

Gold Mini Jul / LBMA Spot Gold

If the support of $1660 continue to hold the downside, expect recovery moves in the counter. Else, may see extension of selling pressure which may take prices towards $1620 or more. MCX GoldM Aug: Res at Rs 47300. Sup: Rs 45370.

Silver Mini Jun / LBMA Spot Silver

As long as prices stay above $16.80 expect positive bias to continue the day. Further resistance is seen at $18.90, a direct rise above the same would be a solid signal for further major bullish waves. Weakness is expected only a break below $15.80. MCX Silver June: Res at Rs 49200. Sup: 47800.

Copper Jun

Positive bias likely to continue as long as prices stay above 414. Weakness is seen only a break of 405.
Nickel Jun

While prices stay above 965 expect rallies to continue the day as well. A direct drop below 918 is required to negate the view.

Lead Jun

As prices stay above 136 expect continuation of further upside. Weakness is seen only a break of 132.

Zinc Jun

Trend remain on the positive side as prices stay above 162. Unexpected drop below the same would trigger liquidation pressure.

Aluminium Jun

Positive sentiments will continue as long as 131 hold the downside. Major support is seen at 126.

MCX Crude Oil June / NYMEX Crude June

Prices will continue with bullish outlook long as it stay above $35. Next upside levels are seen at $42/46 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 3080 / Support: Rs 2870.

Natural Gas Jun

Expect prices to stay firm as long as it placed above 128. Next stiff resistance is seen at 151.

Source : Equity Bulls

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