Metals may shine again in upcoming sessions...

DAILY MCX BULLETIN ON 02 FEB 2022

Bullions trying to enter in a green zone…

Gold April - Gold recovered well from the support zone in the last trading session. Now Gold has near support around 47600 and upside resistance around 48250. Break above 48250 will test 48400-48500 levels in the upcoming session. Buy on dips around 47900 will be the best entry for the traders.

Silver - Silver has given a positive move but unable to sustain at upper levels. Now Silver has near support around 60500 and upside near resistance around 62250 levels. Break and sustain above 62250 will test 63000-63400 levels in upcoming sessions. If break below 60500 then it will test 60000 and more and more weakness will expect on close below 60000 levels.

Metals bounced from lower levels…

Nickel - Nickel achieved our upside targets in the last trading sessions. Now Nickel has near support around 1690 and upside resistance around 1735. Break above 1735 will test 1745-1754 levels in upcoming sessions. Buy on dips around 1705-1710 will be the best entry for the traders.

Copper - Copper was too closed on a positive note in the last trading session. Now Copper has next support around 740 and upside near resistance around 755. Break and sustain above 755 will test 759-762 levels in upcoming sessions. Buy-on dips around support will be the best entry for the traders.

Zinc - Zinc trading around resistance zone on the daily chart. Now Zinc has the next resistance around 300 and the next major support around 295 levels. Break and sustain above 300 will test 303+ levels in upcoming sessions.

Energy segment looks mixed on the charts...

Natural Gas - Natural Gas has given correction from higher levels in the last trading session. Now Natural Gas has near support around 345 and upside resistance around 365. Either side breakout will decide further move in upcoming sessions.

Crude Oil - Crude Oil trading around higher levels. Now Crude Oil has near support around 6500 and near resistance around 6680 levels. Break and close below 6500 will drag it towards 6440-6380 levels in upcoming sessions. Upside move will expect on close above 6680 levels.

Daily Top Pick

Buy Copper around 745. SL-738. Target-751-755 *T&C Apply...