Bears are on the Front foot in all segment...

DAILY MCX BULLETIN FOR 03 AUGUST 2023

Bullions are trading on a bearish note…

Gold - Gold erased all intraday gains and closed around the major support level in the last trading session. Now Gold has next support around 59300 and upside resistance around 59600. If Gold able to close below 59300 then we will expect a sharp sell-off in the upcoming sessions. Break and close below 59300 will take it towards 58900 and then to 58700 levels.

Silver - Silver witnessed a sharp fall and closed in the negative zone in the last trading session. Now Silver has near support around 72600 and upside resistance around 73400 levels. Break above 73400 will expect any upside till 74800 levels. Fresh negative move will expect on close below 72600 levels till 72000. Now 72000 is the last hope for the bulls in the near term.

Metals are moving around the crucial support zone…

Zinc - Zinc fell sharply from the higher levels in the last trading session. Now Zinc has near support around 220 and upside resistance around 224. Risky traders can buy on dips around support levels for the upside move of 2-4 points.

Copper - Copper broke its immediate support and closed on a negative note in the last trading session. Now Copper has next support around 735 and upside resistance around 744 levels. Now fresh upside will expect on close above 744 levels.

Aluminium - Aluminium looks weak and formed a weak candle on the charts. Now Aluminium has major support around 199 level and upside resistance around 202. Break and an hourly close above 202 will take it towards 204-205 levels.

Bears are on the front foot in Energy Segment…

Natural Gas - Natural Gas is moving in a bearish zone and still looks good for further downfall. In the upcoming sessions. Now Natural Gas has near support around 202 and upside resistance around 212. Break above 212 will test 216-220 levels.

Crude Oil - Crude Oil witnessed a sharp correction from the higher levels and achieved our downside targets in the last trading session. Now Crude Oil has near support around 6500 and near resistance around 6630 levels. Break below 6630 will test 6680 and then to 6700 levels.

Daily Top Pick

Sell Gold below 593000 for the downside move till 59050 and then to 58900 levels. Stop loss above 59520 levels.

*T&C Apply…