Crude Oil Moves Higher Despite the Weak Sentiments...

DAILY MCX BULLETIN FOR 07 AUGUST 2023

Bullions trying to enter a positive zone…

Gold - Gold was unable to breach its major support level and closed on a positive note in the last trading session. Now Gold has next support around 59250 and upside resistance around 59600. Break and close below 59600 will take it towards 59900 and then to 60000 levels.

Silver - Silver rebound sharply from the lower levels and formed a positive reversal candle on the weekly chart. Now Silver has major support around 71500 and upside resistance around 73000 levels. Break and a daily close above 73000 will expect an upside till 73700-74200 levels. Fresh negative move will expect on close below 71500 levels till 71000. Now 71500 is the last hope for the bulls in the near term.

Metals are still moving in a positive zone…

Zinc - Zinc performed well and achieved our intraday targets in the last trading session. Now Zinc has near support around 220 and upside resistance around 225. Traders can again buy on dips around support levels for the upside move of 2-4 points.

Copper - Copper again holds the crucial support level and closed on a positive note on a weekly basis. Now Copper has next support around 735 and upside resistance around 746 levels. Now fresh upside will expect on close above 746 levels.

Aluminium - Aluminium recovered all intraday losses in the last trading session. Now Aluminium has major support around the 199 level and upside resistance around 202.50. A break and an hourly close above 202.50 will take it towards 204-205 levels.

Crude Oil Moves Higher in the Energy Segment…

Natural Gas - Natural Gas was unable to sustain at higher levels and closed around the lower levels. Now Natural Gas has near support around 208 and upside resistance around 216. Break above 216 will test 220+ levels. Further upside move will expect on a daily close above 220 levels.

Crude Oil - Crude Oil continuously performed well and closed on a bullish note in the last trading session. Now Crude Oil has near support around 6780 and near resistance around 6920 levels. Break below 6920 will test 6980 and then to 7000 levels.

Daily Top Pick

Buy Natural Gas above 216. Stop loss below 211. Target-222-225.

*T&C Apply…