Bullions Shows Signs of Reversal While Metals Still Searching Support...

DAILY MCX BULLETIN FOR 09 FEBRUARY 2024

Bullions Shows initial Signs of Reversal...

Gold - Gold recovered from lower levels and formed a green doji candle in the last trading session. Now Gold has major support around 62200 and upside resistance around 62550. Break and close above 62550 will take it towards 62700 and then to 62900 levels.

Silver- Silver formed a bullish engulfing candle at the lower levels and looks good for the upside reversal on the charts. Silver has near support around 70400 and upside resistance around 71100 levels. Break and sustain above 71100 will expect an upside move till 71500 levels. A fresh upside move will be expected on a daily close below 71500 levels.

Metals Still searching for buyer's support…

Zinc- Zinc again crashed sharply and closed with loss of more than 2% in the last trading session. Now Zinc has near support around 208 and upside resistance around 214. Break above 212 will test 215 levels. Risky traders can enter around support levels for the intraday gain of 3-4 points.

Copper - Copper continues its bearish trend and closed on a negative note in the last trading session. Now Copper has next support around 704 and upside resistance around 710 levels. Break and sustain above 710 will see an upside move to 714-718 levels in days to come. Traders can take chance to buy around 700 levels for the intraday gains of 6-8 points.

Crude Oil the Only Shining Star…

Natural Gas - Free-fall continues in Natural Gas and again closed on a weak note on the daily chart. Now Natural Gas has major support around 160 and upside resistance around 166. A break above 166 will test 170 levels and then to 174 level.

Crude Oil - Crude Oil shines again and successfully achieved our intraday targets in the last trading session. Now Crude Oil has near support around 6180 and near resistance around 6320 levels. Break above 6320 will test 6380-6460 levels. Buy on dips around support will be a good strategy for the traders.

Daily Top Pick (09/02/2024)

Buy Silver above 71000 for the upside target of 71600 and then to 71900. Stop loss below 70400.

*T&C Apply…