Bullish Outlook for Metals and Energy Segments Today

DAILY MCX BULLETIN FOR 03 JULY 2023

Support levels hold strong as bullions trade near critical thresholds

Gold - Establishing a solid base at lower levels, gold exhibits signs of reversal during the recent trading session. Intraday support for gold stands at 57800, while upside resistance hovers around 58350. A successful break and sustained movement above 58350 will likely lead to tests at 58500 and 58700 levels in the upcoming trading sessions.

Silver - Trading around the 70000 mark, silver concludes the last session on a positive note. The metal finds near-term support at 69000, with upside resistance around 70500. A breakthrough above 70500 will pave the way for further gains towards 70900-71300 levels. However, a daily close below 69000 may test the 68400-68000 levels.

Metals show positive signs, concluding in green during the previous session

Zinc - After finding support at lower levels, zinc wraps up the last trading session with a slight positive bias. Immediate support for zinc rests at 212, while upside resistance appears near 215. A successful break and sustained movement above 215 will likely lead to tests at 217-220 levels. Traders may consider buying on dips around 213 for favorable entry opportunities.

Copper - Experiencing a sharp rebound from a significant support level, copper trades positively. The metal finds next support around 708, with upside resistance at 717 levels. A breakthrough and sustained movement above 717 may lead to tests at 722-725 levels in the near term. Intraday traders can seize opportunities by buying on dips around 720.

Aluminium - Aluminium concludes the last trading session with a weak tone. Near-term support for the metal lies around 194, while resistance appears near 197 levels. A successful break and sustained movement above 197 may trigger tests at 199-200 levels in the upcoming sessions.

Energy segment witnesses bullish momentum

Natural Gas - Continuing its positive trend, natural gas shows strength in the recent trading session. Near-term support for natural gas stands around 220, while upside resistance looms near 234. A breakthrough above 234 will likely lead to tests at 240-244 levels. Traders may consider buying on dips around 225 for potential gains.

Crude Oil - Forming a solid base at lower levels, crude oil concludes the last trading session in the green. The commodity finds immediate support around 5700, while resistance appears near 5850 levels. A close below 5700 on an hourly basis may push crude oil towards 5720-5650 levels in upcoming sessions. Conversely, a sustained movement above 5850 may lead to tests at 5940-6000 levels in the near future.

Daily Top Pick

Consider buying Natural Gas around 225 with a stop loss at 218. Targets for this trade are set at 234-240 levels.

*T&C Apply...