All Commodities are Trading Lower Despite the Supportive Data...

DAILY MCX BULLETIN FOR 11 AUGUST 2023

Bullions are trading on a negative note…

Gold - Gold performed well and achieved our downside targets in the last trading session. Now Gold has next support around 58800 and upside resistance around 59300. Break and close below 59300 will take it towards 59500. If able to close below 58800 then we will expect a downfall till 58500 levels.

Silver - Silver holds its crucial support level and managed to sustain above the same on the daily chart. Silver has near crucial support around 69800 and upside resistance around 70500 levels. Break and a daily close above 70500 will expect an upside till 70900-71200 levels.

Metals are trading on a weak note…

Zinc - Zinc looks slightly negative on the charts and closed around the support level in the last trading session. Now Zinc has near support around 220 and upside resistance around 223. Break above 223 will test 225-227 levels.

Copper - Copper breached its support and closed on a negative note in the last trading session. Now Copper has next support around 725 and upside resistance around 735 levels. Now fresh upside will expect on close above 735 levels.

Profit booking is On in Energy Segment…

Natural Gas - Natural Gas dragged sharply and formed a long bearish candle in the last trading session. Now Natural Gas has near support around 230 and upside resistance around 242. Break above 242 will test 246-250+ levels.

Crude Oil - Profit booking was witnessed in the last trading session. Now Crude Oil has near support around 6840 and near resistance around 6950 levels. Break below 6840 will test 6800 and then to 6770 levels.

Daily Top Pick

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

*T&C Apply…