Gold Stuck in a Narrow Range, Natural Gas Moves Higher.

DAILY MCX BULLETIN FOR 08 AUGUST 2023

Bullions again failed to hold positive stance…

Gold - Gold unable to breach its resistance level and closed on a negative note in the last trading session. Now Gold has next support around 59250 and upside resistance around 59600. Break and close below 59600 will take it towards 59900 and then to 60000 levels.

Silver - Silver again dragged sharply below the support levels and formed a negative candle on the daily chart. Now Silver has near support around 70900 and upside resistance around 72300 levels. Break and a daily close above 72300 will expect an upside till 72700-73000 levels.

Metals are moving in a range…

Zinc - Zinc slowly approached towards the crucial hurdle in the last trading session. Now Zinc has near support around 222 and upside resistance around 225. Break above 225 will test 237-239 levels.

Copper - Copper still holds the crucial support level and closed above the same in the last trading session. Now Copper has next support around 735 and upside resistance around 743 levels. Now fresh upside will expect on close above 743 levels.

Natural Gas Moves Higher in the Energy Segment…

Natural Gas - Natural Gas successfully achieved our upside targets in the last trading session. Now Natural Gas has near support around 216 and upside resistance around 230. Break above 230 will test 235+ levels. Further upside move will expect on a daily close above 235 levels.

Crude Oil - Crude Oil witnessed some profit booking in the last trading session. Now Crude Oil has near support around 6720 and near resistance around 6850 levels. Break below 6720 will test 6660 and then to 6620 levels.

Daily Top Pick

Buy Natural Gas again above 230. Stop loss below 224. Target- 236-240.

*T&C Apply…