Bullions Trades Higher and Metals Looks Mixed...

DAILY MCX BULLETIN FOR 01 FEBRUARY 2024

Bullions look Positive ahead of Union Budget...

Gold - Gold breached the downward-sloping trendline on the upside in the last trading session. Now Gold has near support around 62600 and upside resistance around 62850. Break and close above 62850 will take it towards 63000 and then to 63200 levels.

Silver- Silver too closed above the crucial support zone in the last trading session. Now Silver has near support around 72000 and upside resistance around 72600 levels. Break and sustain above 72600 will expect an upside move till 73000-73400 levels.

Metals may shine again during the Budget session…

Zinc- Zinc corrected well and closed just above the crucial support in the last trading session. Now Zinc has near support around 224 and upside resistance around 227. Break above 227 will test 229-232+ levels. Buying on dips around support will be a good entry for the traders.

Copper - Copper was unable to sustain at higher levels and closed around the support in the last trading session. Now Copper has next support around 730 and upside resistance around 735 levels. Break and sustain above 735 will see an upside move to 739-744 levels in days to come.

The Energy Segment looks mixed for the day…

Natural Gas - After a huge fall Natural Gas is moving above the major support in the last trading session. Now Natural Gas has major support around 172 and upside resistance around 180. Break above 180 will test 185-188 levels.

Crude Oil - Crude Oil slipped from the higher levels in the last trading session. Now Crude Oil has near support around 6240 and near resistance around 6380 levels. Break above 6380 will test 6450 and then to 6500 levels.

Daily Top Pick (01/02/2024)

Buy Gold above 62800. Stop loss below 62600. Target- 63100-63300.

*T&C Apply…