Major Commodities Trades Lower Expect Crude Oil...

DAILY MCX BULLETIN FOR 08 FEBRUARY 2024

Bullions are moving in a narrow range...

Gold - Gold still moving in a narrow range and closed on a flat note in the last trading session. Now Gold has major support around 62400 and upside resistance around 62600. Break and close above 62600 will take it towards 62800 and then to 63000 levels.

Silver- Silver continuously traded on a weak note and closed just above the major support on the charts. Silver has near support around 69800 and upside resistance around 70600 levels. Break and sustain above 70600 will expect an upside move till 71200 levels. A fresh upside move will be expected on a daily close below 71200 levels.

Bears are leading from the front in Metals…

Zinc- Zinc was unable to hold its positive stance and slipped to the lower band of the support zone in the last trading session. Now Zinc has major support around 214 and upside resistance around 218. Break above 218 will test 220+ levels. Any major upside move will expect on close above 220 levels.

Copper - Copper too broke its major support level and closed on a bearish note in the last trading session. Now Copper has next support around 708 and upside resistance around 715 levels. Break and sustain above 715 will see an upside move to 719-722 levels in days to come.

Energy Segment Looks Mixed…

Natural Gas - Natural Gas continues its bearish trend and again closed on a weak note on the daily chart. Now Natural Gas has major support around 162 and upside resistance around 170. A break above 170 will test 175 levels and then to 180 level.

Crude Oil - Crude Oil again performed well and achieved our upside targets in the last trading session. Now Crude Oil has near support around 6050 and near resistance around 6160 levels. Break above 6160 will test 6220-6260 levels.

Daily Top Pick (08/02/2024)

Buy Natural Gas 170 CE above 9. Stop loss below 6. Target- 13-15.

*T&C Apply…