Energy Segment looks positive while Metals are Trading around Support Levels...

DAILY MCX BULLETIN 24 JULY 2023

Bullions are trading around the crucial support zone…

Gold- Gold's corrective phase offers support at 59100 and resistance at 59400. A break above 59400 could lead to 59600 and further gains up to 60000, while weakness may occur below 59200.

Silver- Silver shows support at 74500 and resistance at 75600. An hourly close above 75600 could test 75900 and potentially reach 76400+, but weakness may emerge below 74500.

Metals are trading on a weak note…

Copper August- Copper's correction presents support at 720 and resistance at 735. Risky traders can consider buying on dips with a potential upside move towards 745-750+ if it closes above 735.

Lead August- Lead rebounds from crucial support and faces major resistance at 185. A break and sustain above 185 might lead to 187-189 levels in the upcoming sessions.

Zinc August- Zinc is currently trading near major support at 210 and resistance at 215. Crossing 215 could test 218-220+ levels for the day.

Energy Outlook - Positive Signals for Natural Gas and Crude Oil

Natural Gas- After a bullish move, Natural Gas has support at 218 and resistance at 226. A break above 226 could lead to 230-234 levels, and further gains are possible if it closes above 240.

Crude Oil - Crude Oil remains bullish, with support at 6200 and resistance at 6330. Buying on dips around support could be a favorable entry, while a close above 6330 might test 6380-6440 level.

Daily Top Pick

Buy Lead around 184. Stop loss below 182. Target-186-188.

*T&C Apply...