Bloodbath Continues in the Energy Segment.

DAILY MCX BULLETIN FOR 06 FEBRUARY 2023

Bullions crashed sharply from the higher levels…

Gold - Gold performed well as per our expectations and closed below the major support of 56770 in the last trading session. Now Gold has intraday support around 56500 and upside resistance around 57000. Break below 56500 will test 56200 and then to 56000 levels in the upcoming trading sessions.

Silver - Silver crashed vertically from the higher levels and closed on a weak note in the last trading session. Now Silver has near support around 67000 and upside resistance around 68500 levels. Break above 68500 will see an upside move till 69000-69400 levels. A daily close below 67000 will test 66600-66400 levels.

Metals again closed on a weak note in the last session…

Zinc - Zinc took the support at lower levels and closed on a slightly positive note in the last trading session. Now Zinc has near support around 282 and upside resistance around 290. Break and sustain below 282 will test 279-277 levels. Sell on rise around resistance will be a good entry for the traders.

Copper - Copper broke its major support and trading around crucial levels. Now Copper has next support around 770 and upside resistance around 778 levels. Break and sustain below 770 will test 766-764 levels in the near term.

Aluminium - Aluminium closed on a weak note in the last trading session. Now Aluminium has near support around 222 and near resistance around 226 levels. Break and sustain below 222 will test 220-218 levels in upcoming sessions. Sell on rise around resistance will be a good entry for the traders.

Bloodbath continues in the Energy Segment...

Natural Gas - Natural Gas continues its bearish trend in the last trading session. Now Natural Gas has near support around 194 and upside resistance around 210. Break above 210 will test 216-225 levels.

Crude Oil - Crude Oil successfully achieved our downside target in the last trading session. Now Crude Oil has near support around 6050 and near resistance around 6250 levels. An hourly close below 6050 will take it towards 5980-5950 levels in upcoming sessions. On the other side, if sustain above 6250 then it will test upside levels of 6320-6360 levels in upcoming sessions.

Daily Top Pick

Sell Gold below 56500. SL-56780. Target-56250-56050.