Bullions and Metals Trades Higher, One Commodity Looks Positive...

DAILY MCX BULLETIN FOR 23 AUGUST 2023

Bullions still looks good for the upside move…

Gold - Gold again failed to breach its near resistance but managed to close in the green in the last trading session. Now Gold has major support around 58400 and upside resistance around 58700. Break and close above 58700 will take it towards 58900 and then to 59000 levels.

Silver - Silver again performed well as per our expectations and achieved our intraday targets successfully in the last trading session. Now Silver has near support around 71400 and upside resistance around 72200 levels. Break and sustain above 72200 will expect an upside move till 72500-72700 levels.

Metals are trading on a positive note…

Zinc - Zinc formed a strong base at the current levels and we will expect a sharp bounce in the upcoming trading session. Now Zinc has near support around 209.50 and upside resistance around 213. Break above 213 will test 215 levels and further upside move will expect above 215 levels for the target of 217+ levels. Buy on dips around support will be a good entry for the traders.

Copper - Copper achieved our intraday targets in the last trading session. Now Copper has next support around 728 and upside resistance around 735 levels. Break and sustain above 735 will see a sharp upside move till 738-740 levels in day to come.

Energy Segment is trading around the crucial support levels…

Natural Gas - Natural Gas formed a bearish candle in the last trading session. Now Natural Gas has near support around 210 and upside resistance around 216. Break above 216 will test 220-222 levels. Further upside move will expect on a daily close above 222 levels.

Crude Oil - Crude Oil witnessed a bearish move in the last trading session. Now Crude Oil has near support around 6580 and near resistance around 6680 levels. Break above 6680 will test 6730 and then to 6760 levels.

Daily Top Pick

Buy Gold around 58550. Stop loss below 58400. Target- 58700-58850.

*T&C Apply…