Cool-Off Seen in Precious Metals and Across Other Sectors

Daily MCX Bulletin

Precious metals has eased from record highs dropping, as investors booked profits amid improved global risk appetite and GST reform announcements. Despite the pullback, the outlook remains bullish.

Gold

Gold witnessed profit booking at higher levels. Support around 105900 and hurdle around 106400. Break below 105900 level will see profit booking till 105400-105200 mark. Further upside move will expect above 106400 level till 106800+.

Silver

Globally, silver remains elevated, reflecting sustained bullish sentiment amid economic uncertainties. Support around 123800 and resistance around 125000 break below 123800 level will see more profit booking till 123200 mark .

Copper

Copper prices have seen minor softening, but remain up significantly. Resistance around 905, break above this level will see upside move till 910-914 mark. On the Other side, support around 898, break below this level will see a downside move till 895-890 mark.

Crude Oil

Crude Oil, OPEC+ is considering further production increases for October, which is pressuring prices. Support around 5560, break below this level will test 5480 mark. On the other side, resistance around 5620, break and sustain above this level will see upside move till 5700 mark.

Natural Gas

Natural Gas indicating moderate upward pressure but continued sensitivity to supply-demand dynamics. Support around 268, break below will see more downside move around the 262-260 mark. On the other side, resistance around 275, break and sustain above this level will expect a fresh upside move till 282-285 mark.

Top Pick

Sell Gold below 106000, Stop loss above 106300. Target-105600-105200.

Today's Important Data: (04/09/2025)

ADP Nonfarm Employment Change (Aug)

Initial Jobless Claim

Crude Oil Inventories

S&P Global Services PMI (Aug)

ISM Non-Manufacturing PMI (Aug)

ISM Non-Manufacturing Prices (Aug)