Bullions and Energy Trades Higher, Metals Still Trades Lower...

DAILY MCX BULLETIN 15 JANUARY 2024

Bullion looks good for the upside move…

Gold - Gold bounced from the lower levels and closed on a positive note on the daily charts. Now Gold has near support around 62200 and upside resistance around 62500. Break and sustain above 62500 will test 62700-62900 levels. Break below 62200 will test 62000-61900 levels.

Silver - Silver too performed well and formed a positive reversal candle in the last trading session. Now Silver has major support around 72400 and upside resistance around 73000 levels. An hourly close above 73000 will see an upside move till 73500-73700 levels. Traders can enter on dip around major support level for the bounce.

Metals closed on a weak note…

Zinc - Zinc is moving in a narrow range at lower levels and closed on a slightly weak note in the last trading session. Now Zinc has near support around 221 and upside resistance around 224. Break above 224 will test 226-228 levels. Fresh downside will expect on close below 221 levels.

Copper - Copper fell sharply from the day's high and closed on a negative note in the last trading session. Now Copper has next support around 710 and upside resistance around 718 levels. An hourly above 718 will test 722-725 levels in upcoming sessions. Fresh upside move will expect above 725 levels.

Energy Segment still looks shiney on the charts...

Natural Gas - Natural Gas again shines and closed on a bullish note in the last trading session. Now Natural Gas has near support around 265 and upside resistance around 276. Break above 276 will expect an upside move till 280 levels. More upside will expect on close above 280 levels till 290+ mark.

Crude Oil - Crude erased all intraday gains but looks good on the daily chart. Now Crude Oil has near support around 5950 and near resistance around 6100 levels. An hourly close above 6100 will take it towards 6160-6200 levels in upcoming sessions. A daily close above 6200 will test 6300 levels.

Daily Top Pick

ZINC (15/01/2024)

Buy ZINC above 224. Stop loss beloe 222. Target-226-228.

*T&C Apply...