Commodities are Trading Higher, Metals are in Commanding Position...

DAILY MCX BULLETIN 01 AUG 2023

Bullions bounced from crucial support zone…

Gold- Gold recovered well and closed around the major resistance in the last trading session. Now Gold has major support around 59600 and upside resistance around 60150. A break above 60150 will take it towards 60300 and further gains up to 60500, while weakness may occur below 59600.

Silver- Silver took the sharp U-turn in the last trading session. Now Silver has immediate support at 74400 and resistance at 75700. An hourly close above 75700 could test 76200 and potentially reach 76600+, but further weakness may emerge below 74400. Break below 74400 will test 73800 levels.

Metals Looks Bright on the Charts…

Copper- Copper broke its crucial hurdle and achieved our initial targets in the last trading session. Now Copper has near support around 740 and upside hurdle around 760. Traders can consider buying on dips around 748 with a potential upside move towards 760-766 levels.

Lead- Lead is forming a base at current levels and looks good for fresh upside. Now next crucial resitance around 185 and support around 183. A break and sustain above 185 might lead to 187-189 levels in the upcoming sessions.

Zinc- Zinc skyrocket and closed on a bullish note in the last trading session. Now near support at 222 and resistance at 228. Crossing 218 could test 232+ levels for the day.

Energy Segment look Bullish on the Charts...

Natural Gas- Natural Gas trying to enter in a bullish zone. Natural Gas has support at 215 and resistance at 224. A break above 224 could lead to 228-234 levels, and further gains are possible if it closes above 234.

Crude Oil - Crude Oil skyrocketed and achieved our upside targets. Now Crude Oil has near support around 6600 and upside resistance around 6750. Buying on dips around support could be a favorable entry, while a close above 6750 might test 6800-6840 level.

Daily Top Pick

Buy Silver on dips around 74900. Stop loss below 74400. Target-75700-76000.

*T&C Apply...