Metals Looks Bullish on the Charts...

DAILY MCX BULLETIN FOR 31 JULY 2023

Bullions trying to hold the crucial support zone…

Gold Oct - Gold recovered well from the lower levels in the last trading session. Now Gold has next support around 59500 and upside resistance around 59900. Break and sustain above 59900 will test 60080 and then to 60200 levels in the upcoming trading sessions. The fresh bearish move will expect on close below 59500 levels till 59000 levels.

Silver - Silver shows some recovery after the major breakdown in the last trading session. Now Silver has near support around 73500 and upside resistance around 74500 levels. Break above 74500 will expect any upside till 75000 levels. The fresh negative move will expect on close below 73500 levels till 72800

Metals again look good for the fresh upside…

Zinc - Zinc bounced well and closed around the crucial resistance level in the last trading session. Now Zinc has near support around 218 and upside resistance around 222. Break and sustain above 222 will test 225 levels. If Zinc manages to pass the 225 level then we will expect a sharp bull run till 230+ levels.

Copper - Copper performed well and achieved our upside targets in the last trading session. Now Copper has next support around 735 and upside resistance around 745 levels. Break and an hourly close above 745 will test 750-760 levels in the near term.

Aluminium - Aluminium is forming a base around the major support zone. Now Aluminium has major resistance around 200-201 level, a break and an hourly close above 201 will take it towards 203 and then to 205 levels.

Energy Segment looks positive for the day…

Natural Gas - Natural Gas bounced sharply and managed to close on a positive note. Now Natural Gas has near support around 210 and upside resistance around 222. Break above 222 will test 226-230 levels.

Crude Oil - Crude Oil is moving at higher levels and still looks strong for a further upside move. Now Crude Oil has near support around 6480 and near resistance around 6610 levels. Buy on any sharp dip will be a good entry for the traders. Break above 6610 will test 6650-6690 levels.

Daily Top Pick

Buy Aluminium above 200.50 for the upside target of 203 and then to 205 levels. Stop loss below 198 levels.

*T&C Apply…