All Commodities Trades Lower Ahead of RBI Policy...

DAILY MCX BULLETIN FOR 05 FEBRUARY 2024

Bullions turn bearish on the Charts...

Gold - Gold was unable to sustain at higher levels and slipped again in the last trading session. Now Gold has major support around 62350 and upside resistance around 62800. Break and close above 62800 will take it towards 63000 and any fresh upside move will expect on close above 63000 levels. On the other side, if Gold breaks its support of 62350 then it will test 62000 levels.

Silver- Silver took the resistance from the downward-sloping trendline on the upside and dragged sharply in the last trading session. Now Silver has near support around 70800 and upside resistance around 71800 levels. Break and sustain above 71800 will expect an upside move till 72200-72400 levels. A fresh downside move will expect on close below 70800 levels.

Metals are in Free-Fall mode…

Zinc- Free-fall continues in Zinc and recently breached its crucial support in the last trading session. Now Zinc has near support around 218 and upside resistance around 222. Break above 222 will test 224-225+ levels.

Copper - Copper too witnessed a bearish move and closed near the support zone in the last trading session. Now Copper has next support around 720-718 and upside resistance around 725 levels. Break and sustain above 725 will see an upside move to 729-732 levels in days to come.

Crude Oil Leads the Bearish Rally…

Natural Gas - Natural Gas formed a small reversal candle at lower levels on the daily chart. Now Natural Gas has major support around 170 and upside resistance around 176. A break above 176 will test 180 levels and further upside move will expect above 180 levels.

Crude Oil - Sellers are in a commanding position in Crude Oil and still look weak on the chart. Now Crude Oil has near support around 5980 and near resistance around 6100 levels. Break below 5980 will test 5920-5880 levels.

Daily Top Pick (05/02/2024)

Buy Natural Gas above 176. Stop loss below 170. Target- 181-185.

*T&C Apply…