All Commodities Trades Lower But Gold Shines Again...

DAILY MCX BULLETIN FOR 02 FEBRUARY 2024

Bullions again looks bullish on the Charts...

Gold - Gold again broke the resistance level and achieved our intraday targets in the last trading session. Now Gold has near support around 62800 and upside resistance around 63200. Break and close above 63200 will take it towards 63400 and then to 63500 levels.

Silver- Silver recovered sharply from the lower levels and formed a bullish reversal candle in the last trading session. Now Silver has near support around 71800 and upside resistance around 72600 levels. Break and sustain above 72600 will expect an upside move till 73000-73400 levels.

Metals closed on a weak note…

Zinc- Zinc unable to breach its resistance and slipped sharply below the support level in the last trading session. Now Zinc has near support around 219 and upside resistance around 224. Break above 224 will test 227-230+ levels. Risky traders can enter on dips for 3-4 points target.

Copper - Copper too crashed from the higher levels and closed on a negative note in the last trading session. Now Copper has next support around 724 and upside resistance around 730 levels. Break and sustain above 730 will see an upside move to 734-736 levels in days to come.

The Energy Segment trading on a weak note…

Natural Gas - Natural Gas again fall sharply and closed with a loss of 3% in the last trading session. Now Natural Gas has major support around 170 and upside resistance around 176. Break above 176 will test 180 levels and further upside move will expect above 180 levels.

Crude Oil - Crude Oil again dragged sharply in the final hour and closed on a negative note in the last trading session. Now Crude Oil has near support around 6180 and near resistance around 6350 levels. Break above 6350 will test 6420 and then to 6450 levels.

Daily Top Pick (02/02/2024)

Buy Silver above 72500. Stop loss below 71900. Target- 73000-73500.

*T&C Apply…