Metals are trying to reverse from the lower levels...

DAILY MCX BULLETIN FOR 18 JULY 2022

Bullions are trading around the major support zone…

Gold - Gold is trading around a major support zone and closed just above the 50000 level. Now Gold has near support around 49800 and upside resistance around 50400. Break and a daily close above 50400 will test 50700-51000 levels. A fresh downside move will expect on a break below 49800 levels till 49550-49400 levels.

Silver - Silver formed a small green candle on the lower levels in the last trading session. Now Silver has major support around 54500 and upside resistance around 56000 levels. A daily close above 56000 will see a fresh upside move till 56800-57400 levels. A major reversal will expect above 57500 levels.

Metals are trying to bounce from lower levels…

Zinc - Zinc formed a bullish engulfing candle in the last trading session. Now Zinc has near support around 264 and upside resistance around 272. Break and sustain above 272 will test 275-277 levels. An hourly close below 264 will test 261-260 levels in upcoming sessions. Buy on dips around support will be a good opportunity for the traders.

Copper - Copper bounced from lower levels in the last trading session. Now Copper has next support around 598 and upside resistance around 622 levels. Break and sustain above 622 will test 628-634 levels in the near term.

Aluminium - Aluminium is trading around a major support zone. Now Aluminium has near support around 202 and near resistance around 207 levels. Break and sustain above 207 will test 210-212 levels in upcoming sessions.

Energy Segment looks positive on the charts...

Natural Gas - Natural Gas has given a resistance breakout in the last trading session. Now Natural Gas has near support around 525 and upside resistance around 562. A fresh positive move will expect on close above 562 levels till 575-580 levels. Buy-on dips around support will be a good entry for the traders.

Crude Oil - Crude Oil closed around the resistance level in the last trading session. Now Crude Oil has near support around 7500 and near resistance around 7900 levels. An hourly close above 7900 will take it towards 8020-8100 levels in upcoming sessions. On the other side, if sustained below 7500 then it will test downside targets of 7400-7350 levels in upcoming sessions.

Daily Top Pick

Buy Zinc on dip around 265. SL-261. Target-269-272. *T&C Apply...