Bullions still stuck in the range but energy looks bullish...

DAILY MCX BULLETIN FOR 19 JULY 2022

Bullions bounced from lower levels…

Gold - Gold successfully achieved our upside targets in the last trading session. Now Gold has near support around 50000 and upside resistance around 50600. Break and a daily close above 50600 will test 50800-51000 levels. Break below 50000 will test 49800 levels for the day.

Silver - Silver closed on a slightly positive note in the last trading session. Now Silver has major support around 55800 and upside resistance around 56400 levels. Break above 56400 will see an upside move till 56800-57000 levels.

Metals looks positive on the charts…

Zinc - Zinc performed well in the last trading session. Now Zinc has near support around 273 and upside resistance around 278. Break and sustain above 278 will test 280-282 levels. An hourly close below 273 will test 270-269 levels in upcoming sessions. Buy on dips around support will be a good opportunity for the traders.

Copper - Copper bounced from lower levels in the last trading session. Now Copper has next support around 624 and upside resistance around 636 levels. Break and sustain above 636 will test 640-644 levels in the near term.

Aluminium - Aluminium skyrocketed in the last trading session. Now Aluminium has near support around 208 and near resistance around 212.50 levels. Break and sustain above 212.50 will test 215-216 levels in upcoming sessions.

Energy Segment looks positive on the charts...

Natural Gas - Natural Gas successfully achieved our upside targets in the last trading session. Now Natural Gas has near support around 580 and upside resistance around 605. Break above 605 will test 615-622 levels. Buy-on dips around support will be a good entry for the traders.

Crude Oil Aug - Crude Oil too performed well as per our expectations in the last trading session. Now Crude Oil has near support around 7650 and near resistance around 8000 levels. An hourly close above 8000 will take it towards 8120-8160 levels in upcoming sessions. On the other side, if sustain below 7650 then it will test downside targets of 7550-7500 levels in upcoming sessions.

Daily Top Pick

Buy Copper on dip around 625. SL-618. Target-632-635.