Higher Highs and Higher Lows Formation Continues in Bullions...

Daily MCX Bulletin

U.S. Federal Reserve is expected to cut rates in its upcoming meeting, or at least signal more dovishness. That’s helping lift commodity prices, and the U.S. dollar is weakening, which tends to support commodity demand/price.

Gold

Gold recently record high around 1,10,000. Support around 1,09,600 break below this level will see profit booking till 1,09,300-1,09,000 mark. Further upside move will be expected above 1,10,200 level till 1,11,000 mark.

Silver

Silver upward trend looks supported by heavy demand. Support around 1,29,300 and resistance around 1,30,000 break below 1,29,300 level will see sharp profit booking till 1,28,500 mark.

Copper

Copper demand remains strong. Resistance around 920, break above this level will see upside move till 925-927 mark. On the Other side support around 912, break below this level will see a downside move till 906-904 mark.

Crude Oil

Oil prices are up mildly, supported by concerns over supply disruptions from recent Ukrainian drone attacks on Russian refinery infrastructure. Support around 5540, break below this level will test 5480-5450 mark. On the other side, resistance around 5620, break and sustain above this level will see upside move till 5700 mark.

Natural Gas

Global demand growth for Natural Gas is continuing. Support around 262, break below will see more downside move around the 256-253 mark. On the other side, resistance around 270, break and sustain above this level will expect a fresh upside move till 276-280 mark.

Top Pick

Buy Natural Gas around 267. Stop Loss below 262.

Target 273-276.