Bullions Looks Weak While Energy at Crucial Support...

DAILY MCX BULLETIN 03 JANUARY 2024

Bullion are moving around crucial support levels…

Gold - Gold erased intraday gains but reversed from the crucial support zone on the daily charts. Now Gold has near support around 63100 and upside resistance around 63350. Break and sustain above 63350 will test 63550-63700 levels. A sharp downside move will expect on break below 63100 levels till 62900-62800 levels.

Silver - Silver too slipped from the day's high and closed on a negative note in the last trading session. Now Silver has near support around 73600 and upside resistance around 74500 levels. An hourly close above 74500 will see an upside move till 74900-75400 levels. Fresh bull run will expect on daily close above 75000 levels.

Metals slipped from the higher levels…

Zinc - Zinc recovered from major support and formed a positive candle on the hourly chart in the last trading session. Now Zinc has near support around 229 and upside resistance around 232. Either side breakout will decide further move in upcoming sessions.

Copper - Copper is moving in a small range and forming a base for the next big move. Now Copper has next support around 728 and upside resistance around 735 levels. An hourly above 735 will test 741-746 levels in upcoming sessions. If unable to hold the support of 728, then we will expect a short fall till 725-722 levels.

Aluminium - Aluminium fell sharply in the last trading session. Now Aluminium has near support around 207 and near resistance around 212 levels. Break and sustain above 212 will test 214-215 levels in upcoming sessions.

Energy Segment looks mixed on the charts...

Natural Gas - Natural Gas erased all intraday gains and closed on a negative note in the last trading session. Now Natural Gas has near support around 210 and upside resistance around 218-220. Fresh upside move will expect on a daily close above 220 levels.

Crude Oil - Crude is moving in a falling channel pattern on the daily chart. Now Crude Oil has near support around 5880 and near resistance around 6020 levels. An hourly close above 6020 will take it towards 6080-6150 levels in upcoming sessions. A daily close above 6150 will test 6250-6300 levels.

Daily Top Pick

SILVER (03/01/2024)

Buy Silver above 74500. SL-73800. Target-75200-75600.

*T&C Apply...