Crude Oil Shows Positive Strength Despite Weakness in All Segments...

DAILY MCX BULLETIN FOR 06 FEBRUARY 2024

Bears are in command in Bullions...

Gold - Gold looks weak and formed a negative pattern in the last trading session. Now Gold has major support around 62100 and upside resistance around 62400. Break and close above 62400 will take it towards 62600 and any fresh upside move will expect on close above 62600 levels.

Silver- Silver again fell sharply and closed just above the crucial support zone in the last trading session. Now Silver has near support around 70400 and upside resistance around 71200 levels. Break and sustain above 71200 will expect an upside move till 71600-72000 levels. A fresh downside move will expect on a daily close below 70400 levels.

Metals Still Moving on a Negative Note…

Zinc- Zinc dragged sharply below the major in the last trading session. Now Zinc has major support around 215 and upside resistance around 220. Break above 220 will test 222-224+ levels. Traders can take the risk of buying around major support levels.

Copper - Copper too closed on a bearish note in the last trading session. Now Copper has next support around 714 and upside resistance around 720 levels. Break and sustain above 720 will see an upside move to 724-726 levels in days to come.

Crude Oil Looks Positive after a sharp fall…

Natural Gas - Natural Gas still moving above the crucial support levels and closed on a flat note on the daily chart. Now Natural Gas has major support around 170 and upside resistance around 176. A break above 176 will test 180 levels and further upside move will expect above 180 levels.

Crude Oil - Crude Oil turned sharply and achieved our upside target in the last trading session. Now Crude Oil has near support around 5940 and near resistance around 6100 levels. Break above 6100 will test 6160-6200 levels.

Daily Top Pick (06/02/2024)

Buy Crude Oil on dip around 6020. Stop loss below 5950. Target- 6100-6140.

*T&C Apply…