commodity forecast for 20th may 2016

commodity forecast for 20th may 2016 Mcx gold future closed at 29787. Here expect short covering rally as gold has taken support above 29600. On upside 29900 and 30100 are intraday tgts.   Mcx silver future closed at 39826 with heavy loss. Here 39700 is intraday support if slips below that then expect deep downside up to 38800. On upside 40400 and 40550 are intraday resistances.     Mcx base metals showing recovery signs and resilient to selling. Mcx aluminum in intraday might show upside up to 104.8 to 105.6. Mcx copper remain buy on dips for tgts 318 to 326. Mcx nickel also best buy below 574 from medium term view. Mcx zinc and lead will consolidate before moving upward.     Mcx crude oil future closed at 3283. For intraday outlook is bullish and tgts are 3326 and 3370. Mcx natural gas future below 140 remain sell on rise for tgt 130. For intraday 139 and 141.5 are resistance levels.

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Pramod Baviskar

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