Bullions look mixed and Metals trade on a positive note...

DAILY MCX BULLETIN FOR 22 FEBRUARY 2024

Bears again trying to lead the move...

Gold - Gold was unable to hold the resistance levels and closed on a weak note in the last trading session. Now Gold has near support around 61900 and upside resistance around 62250. Break and sustain above 62250 will take it towards 62350 and then to 62500 levels. Traders remain cautious at higher levels and trade with levels only.

Silver- Silver slipped from the higher levels and closed on a weak note in the last trading session. Silver has near support around 70500 and upside resistance around 71100 levels. Break and sustain above 71100 will expect an upside move till 71400-71600 levels.

Metals Trades on a Positive Note…

Zinc- Zinc looks good and we will expect more upside on the daily chart. Now Zinc has near support around 212 and upside resistance around 215. Break above 215 will test 217 and then to 218 levels.

Copper - Copper looks solid and ready for the fresh breakout on the daily chart. Now Copper has next support around 723 and upside resistance around 728 levels. Break and sustain above 728 will test 732-735 levels for the day. Buy on dips around support will be the best strategy for the traders.

Natural Gas bounced sharply…

Natural Gas - Natural Gas bounced sharply and formed a bullish candle on the daily chart. Now Natural Gas has major support around 140 and upside resistance around 148. Break and sustain above 148 will test 152-155 levels for the day.

Crude Oil - Crude Oil again performed well and achieved our upside 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 6580-6630 levels. Buy on dips around support will be a good strategy for the traders.

Daily Top Pick (22/02/2024)

Buy Copper around 725 for the upside target of 730 and then to 734. Stop loss below 720.

*T&C Apply…