Bullions Looks Mixed and Energy Shines Again...

DAILY MCX BULLETIN FOR 29 FEBRUARY 2024

Dead Cat Bounce will expect in Silver...

Gold - Gold still moved in a small range and again closed on a positive note in the last trading session. Now Gold has near support around 62100 and upside resistance around 62400. Break and sustain above 62400 will take it towards 62500 and then to 62650 levels.

Silver- Silver again dragged sharply but closed with a reversal candle on the lower levels 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 71500-71800 levels.

Metals Trades above the support level…

Zinc- Zinc formed a positive candle on the lower levels 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 still looks good and holds its crucial support on the daily chart. Now Copper has next major support around 722 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.

Energy Sector Shines Again…

Natural Gas - Natural Gas breaks a horizontal trendline on the daily chart, indicating fresh bull run in upcoming sessions. Now Natural Gas has major support around 152 and upside resistance around 158. Break and sustain above 158 will test 162-164 levels for the day.

Crude Oil - Crude Oil again shines well and achieved our upside targets in the last trading session. Now Crude Oil has near support around 6450 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 (29/02/2024)

Buy Natural Gas around 155 for the upside target of 161 and then to 164. Stop loss below 149.

*T&C Apply…