Metals and Bullion are gaining momentum due to optimistic market sentiment....

DAILY MCX BULLETIN FOR 24 AUGUST 2023

Bullions turns positive and moves in bullish zone…

Gold - Gold breached its newr resistance and closed above the same in the last trading session. Our buy call also proven great and achieved our initial targets.

Now Gold has near support around 58500 and upside resistance around 58900. Break and close above 58900 will take it towards 59050 and then to 59200 levels. Buy on dips around support will be a good opportunity for the traders.

Silver - Silver skyrocketed and achieved our intraday targets successfully in the last trading session. Now Silver has near support around 73300 and upside resistance around 74200 levels. Break and sustain above 74200 will expect an upside move till 74600-75000 levels.

Metals looks bright for further upside…

Zinc - Zinc formed a strong base at the current levels and we will expect resistance breakout in the upcoming trading session. Now Zinc has near support around 209.50 and upside resistance around 213. Break above 213 will test 215 levels and further upside move will expect above 215 levels for the target of 217+ levels. Buy on dips around support will be a good entry for the traders.

Copper - Copper again achieved our intraday targets in the last trading session. Now Copper has next support around 732 and upside resistance around 742 levels. Break and sustain above 742 will see a sharp upside move till 745-748 levels in day to come.

Crude Oil tumbles and Natural Gas turns bearish…

Natural Gas - Natural Gas breached its support level and closed below the same in the last trading session. Now Natural Gas has near support around 204 and upside resistance around 212. Break above 212 will test 216 levels. Risky traders can buy on dips around crucial support level.

Crude Oil - Crude Oil witnessed a free fall but managed to closed above the crucial level in the last trading session. Now Crude Oil has near support around 6440 and near resistance around 6580 levels. Break above 6580 will test 6650 and then to 6720 levels.

Daily Top Pick (24/08/2023)

Buy Zinc above 213. Stop loss below 210. Target- 215.50-218.

*T&C Apply…