Bullions trading lower while Energy trades higher.

DAILY MCX BULLETIN FOR 10 AUGUST 2023

Bullions are moving around major support level…

Gold - Gold recently breached its support level and closed on a negative note in the last trading session. Now Gold has next support around 58900 and upside resistance around 59300. Break and close below 59300 will take it towards 59500 and fresh upside move will expect on close above 59550 level.

Silver - Silver again dragged sharply below the support levels and closed on the bearish note on the daily chart. Now Silver has near support around 69800 and upside resistance around 70500 levels. Break and a daily close above 70500 will expect an upside till 70900-71200 levels.

Metals are moving in a range…

Zinc - Zinc looks slightly positive on the charts and closed around the hurdle in the last trading session. Now Zinc has near support around 221 and upside resistance around 223.50. Break above 223.50 will test 226-228 levels.

Copper - Copper still holds the support level and closed above the same in the last trading session. Now Copper has next support around 728 and upside resistance around 735 levels. Now fresh upside will expect on close above 735 levels.

Natural Gas on Fire in the Energy Segment…

Natural Gas - Natural Gas again achieved our upside targets in the last trading session. Now Natural Gas has near support around 234 and upside resistance around 250. Break above 250 will test 258+ levels. Further upside move will expect on a daily close above 258 levels.

Crude Oil - Crude Oil again achieved our intraday targets in the last trading session. Now Crude Oil has near support around 6860 and near resistance around 6970 levels. Break below 6860 will test 6800 and then to 6770 levels.

Daily Top Pick

Buy Zinc above 223.50. Stop loss below 221. Target- 226-228.

*T&C Apply…