Bullions still look dull and Crude holds its strong support...

DAILY MCX BULLETIN ON 5 APRIL 2022

Bullions are still trading in a bearish zone…

Gold - Gold formed a green doji in the last trading session. Now Gold has near support around 51400 and upside resistance around 51800. Break and sustain below 51400 will test 51200-51000 levels. Any fresh upside move will expect on a break above 51800 levels till 52000 levels.

Silver - Silver has given a bearish move in the last trading session. Now Silver has major support around 66000 and upside resistance around 67500 levels. A daily close below 66000 levels till 65200-64500 levels. A fresh upside move will only expect on close above 67500 till 68200-68500 levels.

Metals look mixed on the charts…

Zinc - We have seen a profit booking from higher levels in the last trading sessions. Now Zinc has near support around 345 and upside resistance around 358. Break and close below 345 will test 341-338 levels in upcoming sessions. Risky traders can sell on rise around resistance.

Copper - Copper was unable to breach is support and bounced back in the last trading session. Now Copper has next support around 814 and upside resistance around 824 levels. An hourly close above 824 then it will test 828-832 levels in upcoming sessions. An intraday sell-off will expect on a break below 814 levels till 808-805 mark.

Aluminium - Aluminium crashed and achieved our downside targets in the last trading session. Now Aluminium has near support around 275 and near resistance around 283 levels. Break and sustain below 275 will test 272-270 levels in upcoming sessions.

Energy Segment looks slightly positive...

Natural Gas - Natural Gas closed in a range in the last trading session. Now Natural Gas has near support around 425 and upside resistance around 444. The fresh positive move will expect on close above 444 levels till 455+ levels. Break below 425 will test 420-415 levels in upcoming sessions.

Crude Oil - Crude bounced sharply from lower levels in the last trading session. Now Crude Oil has near support around 7600 and near resistance around 7830 levels. An hourly close above 7830 will take it towards 7950-8000 levels in upcoming sessions. On the other side, if sustains below 7600 then it will test its major support of 7400 in upcoming sessions.

Daily Top Pick

Sell Zinc on rise around 356. SL-360. Target-352-348. *T&C Apply...