Bloodbath continues in the Bullions...

DAILY MCX BULLETIN ON 24 NOV 2021

Blood bath continues in the Bullions…

Gold - Gold again crashed vertically and again achieved our downside targets in the last trading session. Now Gold has next support around 47300 and upside resistance around 48000. Break below 47300 on an hourly basis then we will expect it to test 47150-47000 levels in upcoming sessions.

Silver - Silver crashed drastically in the last trading session. Now Silver has near and major support around 62000 and upside resistance around 63800 levels. A daily close below 62000 will test 61000-60000 levels in upcoming sessions.

Metals may correct from upper levels…

Nickel - Nickel again achieved our upside targets in the last trading session. Now Nickel has near support around 1545 and upside resistance around 1570. Break below 1545 will test 1535-1530 levels for the day. A fresh bull run may expect on close above 1570 levels.

Copper - Copper was unable to breach its resistance in the last trading session. Now Copper has near support around 735 and upside resistance around 750. Break and sustain below 735 will test 728-725 levels.

Zinc - Zinc has given a slightly weak move in the last trading session. Now Zinc has the next resistance around 280 and next support around 273 levels. Traders can take a risk to sell on the rise for the intraday gain of 2-3 points.

Energy segment looks positive on charts...

Natural Gas - Natural Gas bounced sharply from major support in the last trading session. Now Natural Gas has near support around 360 and upside resistance around 390. An hourly close above 390 will test 400+ levels. Risky traders can enter on dips for the intraday gain of 8-12 points.

Crude Oil - Crude Oil successfully achieved our upside targets in the last trading session. Now Crude Oil has near support around 5600 and near resistance around 5900 levels. Break above 5900 will test 5970 and then to 6000 levels in upcoming sessions. Buy on dips around 5800 will be a good entry for the traders.

Daily Top Pick

Buy Crude Oil on dips around 5800. Stop loss below 5700. Target-5900-5960. *T&C Apply...