Bullions are on Fire and Metals Too Look Solid...

DAILY MCX BULLETIN FOR 05 MARCH 2024

Bullions are on Firee...

Gold - Gold jumped sharply and achieved our intraday targets in the last trading session. Now Gold has near support around 64000 and upside resistance around 64600. Break and sustain above 64600 will take it towards 64800 and then to 65000 levels.

Silver- Silver witnessed a mind blowing rally and performed nicely as per our expectations in the last trading session. Silver has near support around 72800 and upside resistance around 73700 levels. Break and sustain above 73700 will expect an upside move till 74100-74500 levels.

Metals Trades in a Green Zone…

Zinc- Zinc formed a positive pattern and we will expect a sharp bounce on the daily chart. Now Zinc has near support around 214 and upside resistance around 217.50. Break above 217.50 will test 220 and then to 222 levels.

Copper - Copper looks good and holds its crucial support on the daily chart. Now Copper has next major support around 724 and upside resistance around 732 levels. Break and sustain above 732 will test 736-740 levels for the day. Buy on dips around support will be the best strategy for the traders.

Energy Sector Shines Again…

Natural Gas - Natural Gas breaks a horizontal resistance trendline on the daily chart, indicating fresh bull run in upcoming sessions. Now Natural Gas has major support around 158 and upside resistance around 164. Break and sustain above 164 will test 169-174 levels for the day.

Crude Oil - Crude Oil slipped from the higher levels and closed in the red in the last trading session. Now Crude Oil has near support around 6470 and near resistance around 6600 levels. Break above 6600 will test 6650-6680 levels. Buy on dips around support will be a good strategy for the traders.

Daily Top Pick (05/03/2024)

Buy Natural Gas around 160 for the upside target of 167 and then to 172. Stop loss below 154.

*T&C Apply…