Bullions Consolidate Gains, Metals Mixed; Natural Gas Corrects, Crude Oil Retreats

DAILY MCX BULLETIN FOR 04 JULY 2023

Bullions Show Slight Gains, Consolidating Recent Performance

Gold - After a positive run, gold closes in the green during the previous trading session. The precious metal exhibits promising signs on the charts. Intraday support for gold stands at 58100, while upside resistance lies around 58500. A successful break and sustained movement above 58500 will likely test levels of 58650 and then 58750 in the upcoming trading sessions.

Silver - Silver delivers a solid performance as expected in the last trading session. With near support at 69800, the white metal faces upside resistance around 70600 levels. A breakthrough above 70600 could lead to further gains towards 70900-71300 levels. However, an hourly close below 69800 may test support at 69400-69000 levels.

Metals Trade Mixed, Exhibiting Varied Sentiment

Zinc - Zinc trades near a crucial support level and concludes the last trading session with a slightly bearish tone. The metal finds near support at 212, while upside resistance appears around 215. A successful break and sustained movement above 215 could test levels of 217-220.

Copper - Copper moves within a narrow range, exhibiting a neutral stance. With the next support around 712, the red metal encounters upside resistance near 718 levels. A breakthrough and sustained movement above 718 may test levels of 722-725 in the near term. Intraday traders may consider buying on dips around 712 for favorable opportunities.

Aluminium - Aluminium continues to trade with limited activity and concludes the last trading session with a negative bias. The metal finds near support at 194, while resistance appears around 197 levels. A successful break and sustained movement above 197 could test levels of 199-200 in upcoming sessions.

Energy Segment Witnesses Profit Booking

Natural Gas - After a sharp correction from higher levels, natural gas finds near support at 218. Upside resistance lies around 226. A breakthrough above 226 may test levels of 230-234.

Crude Oil - Crude oil relinquishes its intraday gains and concludes the last trading session in the red. The commodity finds near support at 5700, while resistance appears around 5900 levels. An hourly close below 5700 could drive it towards levels of 5720-5650 in upcoming sessions. Conversely, sustaining above 5900 may test upside levels of 6000.

Daily Top Pick

Consider buying silver around 70000 with a stop loss at 69600. Targets for this trade are set at 70400-70700.

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