Crude Oil is Trading Higher Despite the Overall Weak Sentiments...

DAILY MCX BULLETIN FOR 14 AUGUST 2023

Bullions are moving in a bearish zone…

Gold - Gold recently breached its crucial support level and closed below the same on the weekly chart. Now Gold has next support around 58800 and upside resistance around 59299. Break and close below 59200 will take it towards 59500 and fresh upside move will expect on close above 59550 level. If able to close below 58800 then we will expect a sharp downfall till 58500-58300 levels.

Silver - Silver is moving below the major support level and closed below the same on the daily chart. Now Silver has near support around 69700 and upside resistance around 70500 levels. Break and a daily close above 70500 will expect an upside till 70900-71200 levels.

Metals are trading on a negative note…

Zinc - Zinc performed well and closed on the bearish note in the last trading session. Now Zinc has near support around 216 and upside resistance around 222. Break above 222 will test 224-226 levels.

Copper - Copper breached its near support and closed below the same in the last trading session. Now Copper has next support around 722 and upside resistance around 730 levels. Now fresh upside move will expect on close above 730 levels.

Crude Oil again shines in the Energy Segment…

Natural Gas - Natural Gas took the support from the crucial level and forned the reversal candle the last trading session. Now Natural Gas has near support around 225 and upside resistance around 234. Break above 234 will test 240+ levels. Further upside move will expect on a daily close above 240 levels.

Crude Oil - Crude Oil again achieved our intraday targets in the last trading session. Now Crude Oil has near support around 6850 and near resistance around 6970 levels. Break above 697 will test 7020 and then to 7050 levels.

Daily Top Pick

Buy Natural Gas around 230. Stop loss below 224. Target- 236-240.

*T&C Apply…