All Segments looks bright on the charts...

DAILY MCX BULLETIN FOR 22 AUGUST 2023

Silver bounced sharply from the major support…

Gold - Gold was unable to breach its near resistance but managed to close in the green in the last trading session. Now Gold has major support around 58200 and upside resistance around 58700. Break and close above 58700 will take it towards 58900 and then to 59000 levels.

Silver - After a long consolidation, Silver performed well as per our expectations and achieved our intraday targets successfully in the last trading session. On the daily chart, Silver formed a rounding bottom pattern which indicates a further upside in upcoming sessions. Now Silver has near support around 70900 and upside resistance around 71850 levels. Break and sustain above 71850 will expect an upside move till 72200-71500 levels.

Metals trying to enter in a green zone…

Zinc - Zinc is forming a base at the current levels and we will expect a sharp bounce in the upcoming trading session. Now Zinc has near support around 207.50 and upside resistance around 211. Break above 211 will test 214 levels and further upside move will expect above 214 levels for the target of 217+ levels.

Copper - Copper performed well as per our expectations in the last trading session. Now Copper has next support around 723 and upside resistance around 732 levels. Break and sustain above 732 will see a sharp upside move till 736-740 levels in day to come.

Energy Segment again looks bullish on the charts…

Natural Gas - Natural Gas formed a green candle in the last trading session. Now Natural Gas has near support around 216 and upside resistance around 222. Break above 222 will test 226+ levels. Further upside move will expect on a daily close above 226 levels.

Crude Oil - Crude Oil witnessed a profit booking in the late hours of the last trading session. Now Crude Oil has near support around 6650 and near resistance around 6760 levels. Break above 6760 will test 6820 and then to 6860 levels.

Daily Top Pick

Buy Natural Gas above 222. Stop loss below 217. Target- 227-230.

*T&C Apply…