Bullions looks weak while Metals still looks bright..

DAILY MCX BULLETIN FOR 02 AUGUST 2023

Bullions dragged sharply from higher levels…

Gold- Gold erased all the previous gains in the last trading session. Now Gold has next support around 59150 and upside resistance around 59600. Break and sustain above 59600 will test 59800 and then to 60000 levels in the upcoming trading sessions. Fresh bearish move will expect on close below 59150 levels till 59000-58800 levels.

Silver - Silver again fall sharply and closed around the major support level in the last trading session. Now Silver has near support around 73600 and upside resistance around 74600 levels. Break above 74600 will expect any upside till 75000 levels. Fresh negative move will expect on close below 73600 levels till 73000

Profit booking witnessed in Metals…

Zinc - Zinc formed a doji candle on the higher levels in the last trading session. Now Zinc has near support around 224 and upside resistance around 228. Break and suatain above 228 will test 230 levels. Buy on dips around support levels will be a good opportunity for the traders.

Copper - Copper shows some profit booking from the higher levels in the last trading session. Now Copper has next support around 744 and upside resistance around 755 levels. Break and an hourly close above 755 will test 760+ levels in the near term.

Aluminium - Aluminium shows strong bullish signs on the charts. Now Aluminium has major support around 202-201 level and upside resistance around 205. Break and an hourly close above 205 will take it towards 208 and then to 210 levels.

Natural Gas looks weak on the charts…

Natural Gas - Natural Gas dragged sharply and broke the support levels in the last trading session. Now Natural Gas has near support around 210 and upside resistance around 222. Break above 222 will test 226-230 levels.

Crude Oil - Crude Oil still moving at higher levels and looks strong for a further upside move. Now Crude Oil has near support around 6670 and near resistance around 6740 levels. Break below 6670 will test 6610 and then to 6580 levels.

Daily Top Pick

Sell Crude Oil below 6670 for the downside move till 6610 and then to 6570 levels. Stop loss above 6740 levels.

*T&C Apply…