Dull Move Will Expect in Metals and Bullions are Waiting For the Break...

DAILY MCX BULLETIN FOR 20 FEBRUARY 2024

Bullions are trading above the crucial support...

Gold - Gold formed a green Doji in the last trading session. Now Gold has near support around 61900 and upside resistance around 62050. Break and sustain above 62050 will take it towards 62300 and then to 62450 levels. The fresh bull run will expect on close above 62300 mark.

Silver- Silver closed with a loss with gap down move in the last trading session. Silver has near support around 70800 and upside resistance around 71600 levels. Break and sustain above 71600 will expect an upside move till 71900-72200 levels.

Metals Trades on a Positive Note…

Zinc- Zinc continued its bullish move and closed on a positive note on the daily chart. Now Zinc has near support around 214 and upside resistance around 217. Break above 217 will test 219 and then to 222 levels.

Copper - Copper formed a Doji candle with gap down close on the daily chart. Now Copper has next support around 718 and upside resistance around 722 levels. Break and sustain above 722 will test 725-728 levels for the day. Buy on dips around support will be the best strategy for the traders.

Crude Oil Continued Its Bull Run…

Natural Gas - No relief for the buyers and Natural Gas closed again on a bearish note on the daily chart. Now Natural Gas has major support around 128 and upside resistance around 134. Break and sustain above 134 will test 138-140 levels for the day.

Crude Oil - Crude Oil again jumped and gave a solid close in the last trading session. Now Crude Oil has near support around 6450 and near resistance around 6550 levels. Break above 6550 will test 6600-6630 levels. Buy on dips around support will be a good strategy for the traders.

Daily Top Pick (20/02/2024)

Buy Gold above 62100 for the upside target of 62300 and then to 62450. Stop loss below 61900.

*T&C Apply…