Dent on Bullions and Metals; Crude Oil Shines...

DAILY MCX BULLETIN FOR 28 JULY 2023

Accident Happened in the Evening in Bullions…

Gold - Gold cracked sharply and formed a bearing candle on the daily chart in the last trading session. Now Gold has next major support around 58600 and upside resistance around 59200. Break and sustain above 59200 will test 59350 and then to 59450 levels in the upcoming trading sessions. Sell on rise will be a good opportunity for the traders.

Silver - Silver dives from the upper levels and formed a bearish engulfing candle in the last trading session. Now Silver has near support around 73200 and upside resistance around 74500 levels. Break above 74500 will expect any upside till 75000 levels. Fresh negative move will expect on close below 73200 levels till 72300

Metals unable to sustain above resistance zone…

Zinc - Zinc erased all intraday gains after achieving our intraday targets in the last trading session. Now Zinc has near support around 217 and upside resistance around 220. Break below 217 will test 215 levels. Fresh upside move will expect on close above 222 levels.

Copper - Copper unable to sustain above its resistance level and fall sharply in the last trading session. Now Copper has next support around 730 and upside resistance around 744 levels. Break and sustain above 744 will test 750-760 levels in the near term. If Copper close below 730 levels on a daily basis then it will test 722 and 715 levels.

Crude Oil again performed well…

Natural Gas - Natural Gas cranked drastically from the resistance level after the inventory. Now Natural Gas has near support around 210 and upside resistance around 218. Break above 218 will test 222 levels.

Crude Oil - Crude Oil achieved our intraday targets and managed to close above crucial hurdle in the last trading session. Now Crude Oil has near support around 6480 and near resistance around 6610 levels. Buy on any sharp dip will be a good entry for the traders.

Daily Top Pick

Sell Natural Gas around 216 for the downside targets of 210 and then to 207 levels. Stop loss above 222.

*T&C Apply…