Metals and Bullions are Moving in a Range, Crude Oil Shows Strength...

DAILY MCX BULLETIN FOR 07 FEBRUARY 2024

Bullions are forming a base...

Gold - Gold reversed well and achieved our intraday targets in the last trading session. Now Gold has major support around 62250 and upside resistance around 62600. Break and close above 62600 will take it towards 62800 and then to 63000 levels.

Silver- Silver is moving in a narrow range and waiting for the fresh breakout on the charts. Silver has near support around 70300 and upside resistance around 71800 levels. Break and sustain above 71800 will expect an upside move till 71200 levels. A fresh upside move will expect on a daily close below 71200 levels.

Metals are trying to enter in a green zone…

Zinc- Zinc shows some positive move from the lower levels in the last trading session. Now Zinc has major support around 215 and upside resistance around 218.50. Break above 218.50 will test 220+ levels. Any major upside move will expect on close above 220 levels.

Copper - Copper too closed on a slightly positive note in the last trading session. Now Copper has next support around 714 and upside resistance around 720 levels. Break and sustain above 720 will see an upside move to 724-726 levels in days to come.

Crude Oil again look Positive on charts…

Natural Gas - Natural Gas unable to sustain at higher levels and closed on a weak note on the daily chart. Now Natural Gas has major support around 166-165 and upside resistance around 174. A break above 174 will test 177 levels and then to 180 level.

Crude Oil - Crude Oil performed well and achieved our upside targets in the last trading session. Now Crude Oil has near support around 6020 and near resistance around 6150 levels. Break above 6150 will test 6200-6240 levels.

Daily Top Pick (07/02/2024)

Buy Aluminium above 202. Stop loss below 200. Target- 204-206.

*T&C Apply…