A Dead-Cat bounce will expect in Bullions...

DAILY MCX BULLETIN FOR 16 AUGUST 2023

Bullions are moving in a bearish zone…

Gold - Gold is moving around the major support level and closed on a negative note in the last trading session. Now Gold has next support around 58800 and upside resistance around 59100. Break and close below 59100 will take it towards 59300 and fresh upside move will expect on close above 59300 level.

Silver - Silver again dragged sharply below the support levels and closed on the bearish note on the daily chart. Now Silver has near support around 69600 and upside resistance around 70300 levels. Break and a daily close above 70300 will expect an upside till 70600-71000 levels.

Metals looks weak on the charts…

Zinc - Zinc looks weak on the charts and closed in the negative zone in the last trading session. Now Zinc has near support around 212 and upside resistance around 216. Break above 216 will test 218-220 levels.

Copper - Copper still holds the support level and closed above the same in the last trading session. Now Copper has next support around 720 and upside resistance around 728 levels. Now fresh upside will expect on close above 728 levels. Buy on dips around support will be a good opportunity for the traders.

Energy Segment looks weak on the charts…

Natural Gas - Natural Gas dragged sharply in the last trading session. Now Natural Gas has near support around 228 and upside resistance around 235. Break above 235 will test 240+ levels. Further upside move will expect on a daily close above 240 levels.

Crude Oil - Crude Oil again achieved our intraday targets in the last trading session. Now Crude Oil has near support around 6800 and near resistance around 6920 levels. Break below 6800 will test 6750 and then to 6720 levels.

Daily Top Pick

Buy Silver above 70200. Stop loss below 69800. Target- 70500-70800.

*T&C Apply…