Bullions are in Free-Fall Mode While Crude Shines...

DAILY MCX BULLETIN 04 JANUARY 2024

Bullion are in free-fall mode…

Gold - Gold crashed sharply below the crucial supports on the daily charts. Now Gold has near support around 62400 and upside resistance around 62850. Break and sustain above 62850 will test 63000-63100 levels. Break below 62400 will test 62200-62000 levels.

Silver - Silver is in free fall mode and formed a strong bearish candle in the last trading session. Now Silver has major support around 71800 and upside resistance around 72900 levels. An hourly close above 72900 will see an upside move till 73300-73500 levels. Risky traders can enter on dip around major support level for the bounce.

Metals too closed on a weak note…

Zinc - Zinc again formed a long bearish candle in the last trading session. Now Zinc has near support around 226 and upside resistance around 229. Break below 226 will test 224 levels. Any upside reversal will expect on a daily close above 230 levels.

Copper - After a sharp fall, Copper recovered well and closed with minor loss in the last trading session. Now Copper has next support around 724 and upside resistance around 730 levels. An hourly above 730 will test 734-736 levels in upcoming sessions.

Energy Segment looks shiney on the charts...

Natural Gas - Natural Gas shines and closed on a bullish note in the last trading session. Now Natural Gas has near support around 215 and upside resistance around 225. Break above 225 will expect an upside move till 230 levels. Buy on dips around 218 will be a good buying opportunity.

Crude Oil - Crude bounced sharply and formed a bullish reversal candle 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

CRUDE OIL (04/01/2024)

Buy Crude Oil around 5980. Stop loss beloe 5900. Target-6100-6150.

*T&C Apply...