Be cautious in Bullions on upper levels...

DAILY MCX BULLETIN ON 17 NOV 2021

Bears trying to overtake for the next move…

Gold - Gold falls sharply from upper levels in the last trading sessions and formed a weak candle on the charts. Now Gold has near support around 49000 and upside resistance around 49600. If Gold close below 49000 on an hourly basis then we will expect it to test 48850-48700 levels in upcoming sessions. Sell on rise around 49350 will be a good entry for the traders.

Silver - Silver has given a weak move in the last trading session. Traders should remain cautious at these levels. Now Silver has near support around 66000 and upside resistance around 67100 levels. Break and sustain below 66000 will test 65600-65400 levels in upcoming sessions. Risky traders can go for short on rise for the intraday gain of 300-500 points.

Bully trying to dominate the sessions…

Nickel - Nickel has given a slightly weak move in the last trading session. Now Nickel has near support around 1495 and upside resistance around 1520. If Nickel is unable to breach its support of 1495 then it will test 1520 and more upside will expect on close above 1520 levels till 1535-1545 levels.

Copper - Copper looks slightly weak on the charts and ready for the big move. Now Copper has near support around 725 and upside resistance around 744. Break and hourly close close below 725 will see sharp downside move till 718 and then to our next upside target of 710. Any positive move will expect on close above 744 levels.

Zinc - Zinc is trading around support levels. Now Zinc has near support around 268.50 and upside resistance around 273.50. Above 273.50 it will test 276-278 levels in upcoming sessions.

Energy segment again looks bullish on charts...

Natural Gas - Natural Gas formed a strong bullish candle in the last trading session. Now Natural Gas has near support around 380 and upside resistance around 400. Buy-on dips around support will be a good entry for the traders. Above 400 it will test 406-410 levels for the day.

Crude Oil - Crude Oil is trading around the support zone. Now Crude Oil has near support around 5950 and near resistance around 6100 levels. Break above 6100 will test 6160-6200 levels in upcoming sessions.

Daily Top Pick

Buy Natural Gas on dip around 383. Stop loss below 372. Target-395-405. *T&C Apply...