Intraday Technical Outlook - Commodities - June 9, 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 46600. 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 of major bullish rallies. Weakness is expected only a break below $15.80. MCX Silver June: Res at Rs 49200. Sup: 47800.
Rallies likely to continue as long as prices stay above 427. Weakness is seen only a break of 413.
Bullish outlook would continue as long as prices stay above 965. A direct drop below 918 is required to negate the view.
As prices stay above 136 expect continuation of further upside. Weakness is seen only a break of 132.
Trend remain on the positive side as prices stay above 162. Unexpected drop below the same would trigger liquidation pressure.
Positive sentiments will continue while 133 hold the downside. Major support is seen at 129.
MCX Crude Oil June / NYMEX Crude June
Buying momentum would continue as prices convincingly 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 2980 / Support: Rs 2720.
Natural Gas Jun
Expect prices to stay firm as long as it placed above 128. Next stiff resistance is seen at 151.