Commodities - Intraday Technical Outlook - May 15, 2020 - Geojit

Gold Mini May/LBMA Spot Gold

A direct break of $1738 would trigger fresh wave of rallies in the counter. Else, expect corrective selling pressure for the day. How-ever, a drop below $1665 is required to dent the broad bullish expectation and take prices lover. Rallies above $1738 prices could target $1800 or even more later. MCX GoldM May: Res at Rs 47380. Sup: 46420.

Silver Mini Jun/LBMA Spot Silver

As long as prices stay above $15.80 expect to continue the buying momentum. Immediate downside reversal point is seen at $14.80. MCX Silver June: Res at 45220. Sup: 43350.

Copper May

As prices stay above 398 expect buying mo-mentum to continue the day. Further weak-ness may be seen only a break of 392.

Nickel May

Immediate resistance of 956 needs to be cleared for continuation of further upside. Else, may see corrective selling pressure.

Lead May

As long as prices stay below 135 expect weak bias to continue the day. However, major sup-port is seen at 128.

Zinc May

Recovery rallies may continue as long as pric-es stay above 152. Immediate resistance is seen at 158.

Aluminium May

If the immediate support of 129 hold the downside, expect to trigger recovery rallies for the day. Else, may continue weakness.

MCX Crude Oil May/NYMEX Crude June

Prices may continue with mild positive outlook as it cleared the resistance of $27. However next upside obstacle is seen at $28.50 which needs to be cleared for continuation of upside till $33. A direct drop below $23 would take prices lower but downside reversal point is seen at $17. MCX May: Res at Rs 2160/ Sup-port: Rs 1880.

Natural Gas May

As long as prices stay above the immediate support of 121 expect mild recovery moves. However it required to stabilise above 132 to strengthen the momentum.

Source : Equity Bulls

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