Bullions and Metals Shows Bullish Signs, Crude Again on Top...

DAILY MCX BULLETIN FOR 16 FEBRUARY 2024

Bullions show Bullish Signs and Silver May lead the Rally...

Gold - Gold is trading in a small range with positive signs on lower levels in the last trading session. Now Gold has near support around 61400 and upside resistance around 61750. Break and sustain above 61750 will take it towards 61900 and then to 62000 levels. Fresh bull run will expect on close above 62000 mark.

Silver- Silver reversed sharply from lower levels and achieved our intraday targets in the last trading session. Silver has near support around 70500 and upside resistance around 71500 levels. Break and sustain above 71500 will expect an upside move till 72000-72400 levels. Buy on dips around support will be the best opportunity for the traders.

Metals Trying to Enter in a Green Zone…

Zinc- Zinc took the reversal from the major support and heading towards north on the daily chart. Now Zinc has near support around 208 and upside resistance around 212. Break above 212 will test 214 and then to 215 levels.

Copper - Copper too bounced back to a positive zone and achieved out intraday targets in the last trading session. Now Copper has next support around 708 and upside resistance around 716 levels. Break and sustain above 716 will test 720 levels for the day. Fresh upside move will expect on close above 720 mark.

Crude Oil is the only Shining Star…

Natural Gas - Bloodbath continues in Natural Gas and no signs of any reversal on the daily chart. Now Natural Gas has major support around 130 and upside resistance around 138. Break and sustain above 138 will test 142-145 levels for the day.

Crude Oil - Crude Oil is showing class daily and achieved our all targets in the last trading session. Now Crude Oil has near support around 6380 and near resistance around 6520 levels. Break above 6520 will test 6570-6600 levels. Buy on dips around support will be a good strategy for the traders.

Daily Top Pick (16/02/2024)

Buy Silver on dip around 70700 for the upside target of 71400 and then to 71800. Stop loss below 70300.

*T&C Apply…