Intraday Technical Outlook - June 4, 2020 - Geojit

Gold Mini Jul / LBMA Spot Gold

Immediate support of $1690 likely to hold the downside for a turn higher. However, it need to stabiles above $1745 to strengthen the buying momentum. A direct drop below $1685 would trigger corrective selling which can take prices towards the downside turnaround point of $1665. MCX GoldM Aug: Res at Rs 46800. Sup: Rs 45370.

Silver Mini Jun / LBMA Spot Silver

As long as the support of $16.80 undisturbed, 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 50200. 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 hold above 939 expect rallies to continue in the counter. Downside turnaround point is seen at 898.

Lead Jun

Resistance of 136 needs to be cleared for continuation of further upside. Else may see corrective selloffs for the day.

Zinc Jun

Prices required to clear above 162 to trigger further rallies in the counter. Else, may see corrective selloffs for the day.

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

Prices will continue with positive momentum as long as it 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 2870 / Support: Rs 2652.

Natural Gas Jun

Immediate support of 132 if undisturbed, expect prices 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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