Market is waiting for any trigger for the next reaction...

DAILY MCX BULLETIN FOR 31 JANUARY 2023

Bullions are trading around the crucial levels…

Gold - Gold is forming a bearish pattern on the daily chart and closed on a weak note in the last trading session. Now Gold has intraday support around 56950 and upside resistance around 57250. Break below 56950 will test 56770 and if close below 56770 then a sharp fall will expect.

Silver - Silver is consolidating around the crucial levels and closed on a flat note in the last trading session. Now Silver has near support around 68000 and upside resistance around 68800 levels. Break above 68800 will see an upside move till 69100-69400 levels.

Metals closed on a dull note in the last session…

Zinc - Zinc took the support at lower levels and closed on a slightly positive note in the last trading session. Now Zinc has near support around 295 and upside resistance around 302. Break and sustain below 295 will test 292-290 levels.

Copper - Copper stucked in the small range and closed on a flat note in the last trading session. Now Copper has next support around 777 and upside resistance around 790 levels. Break and sustain above 790 will test 796-800 levels in the near term.

Aluminium - Aluminium performed well in the last trading session. Now Aluminium has near support around 222 and near resistance around 226 levels. Break and sustain below 222 will test 220-218 levels in upcoming sessions. Sell on rise around resistance will be a good entry for the traders.

Energy Segment still looks bearish on the charts...

Natural Gas - Natural Gas continues its bearish trend in the last trading session. Now Natural Gas has near support around 220 and upside resistance around 230. Break above 230 will test 238-245 levels.

Crude Oil - Crude Oil successfully achieved our downside target in the last trading session. Now Crude Oil has near support around 6380 and near resistance around 6540 levels. An hourly close below 6380 will take it towards 6320-6280 levels in upcoming sessions. On the other side, if sustain above 6540 then it will test upside levels of 6600-6640 levels in upcoming sessions.

Daily Top Pick

Buy Lead above 187. SL-185. Target-188.50-190.

*T&C Apply…