Bullions loose its shine while Metals Bounced...

DAILY MCX BULLETIN 25 JULY 2023

Bullions broke immediate support and closed on a bearish note…

Gold- Gold perfomed well and achieved our downside target in the last trading session. Now Gold has major support around 58900 and upside resistance around 59300. A break above 59300 could lead to 59500 and further gains up to 598000, while weakness may occur below 58900.

Silver- Silver crashed sharply and achieved our downside targets in the last trading session. Now Silver has immediate support at 73900 and resistance at 74600. An hourly close above 74600 could test 75000 and potentially reach 75500+, but further weakness may emerge below 73900. Break below 73900 will test 73500 levels.

Metals bounced from the lower levels…

Copper August- Copper bounced sharply and recovered all intraday losses in the last trading session. Now Copper has near support around 718 and upside hurdle around 728. Traders can consider buying on dips around 720 with a potential upside move towards 728-732.

Lead August- Lead performed well as per our expectations in the last trading session. Now next crucial resitance around 185 and support around 183. A break and sustain above 185 might lead to 187-189 levels in the upcoming sessions.

Zinc August- Zinc too recovered well from the lower levels and closed in the green. Now near support at 210 and resistance at 215. Crossing 215 could test 218-220+ levels for the day.

Crude Oil looks Bullish on the Charts...

Natural Gas- Natural Gas took the support from the crucial level. Natural Gas has support at 218 and resistance at 224. A break above 224 could lead to 228-234 levels, and further gains are possible if it closes above 234.

Crude Oil - Crude Oil skyrocketed and achieved our upside targets. Now Crude Oil has near support around 6380 and upside resistance around 6500. Buying on dips around support could be a favorable entry, while a close above 6500 might test 6580-6640 level.

Daily Top Pick

Buy Silver on dips around 73600. Stop loss below 73000. Target-74200-74600.

*T&C Apply...