Dollar Index at 6-Months Highs, One Commodity Trades Higher...

DAILY MCX BULLETIN FOR 07 SEPTEMBER 2023

Weakness Continues in Bullions…

Gold - Gold again slipped in a row and closed on a bearish note in the last trading session. Now Gold has near crucial support around 58900 and upside resistance around 59400. Break and close above 59400 will take it towards 59500 and fresh upside move will expect above 59500 levels.

Silver- Silver fall sharply and breach all the immediate supports in the last trading session. Now Silver has next support around 71800 and upside resistance around 72800 levels. Break and sustain above 72800 will expect an upside move till 73300-73500 levels.

Metals are turning towards negative side on the charts…

Zinc- Zinc still moving around the resistance zone and closed around the same in the last trading session. Now Zinc has near support around 219.50 and upside resistance around 222. Break above 222 will test 225+ levels. Buy on dips around support will be a good entry for the traders.

Copper - Copper unable to breach its hurdle and dragged sharply and closed on a negative note in the last trading session. Now Copper has next support around 732 and upside resistance around 742 levels. Break and sustain above 742 will see an upside move till 745-748 levels in days to come.

Crude Oil again skyrocketed in Energy Segment…

Natural Gas - Natural Gas fell sharply and closed on a bearish note in the last trading session. Now Natural Gas has major support around 208 and upside resistance around 216. Break above 216 will test 220-222 levels.

Crude Oil - Crude Oil skyrocketed and achieved our intraday target in the last trading session. Now Crude Oil has near support around 7120 and near resistance around 7320 levels. Break above 7320 will test 7370 and then to 7400 levels.

Daily Top Pick (07/09/2023)

Buy Crude Oil on dip around 7200 with a Stop loss below 7120. Target- 7300-7350.

*T&C Apply…