Metals Shows Recovery Signs and Crude Eyes on 6500 Mark...

DAILY MCX BULLETIN FOR 13 FEBRUARY 2024

Silver Shows Reversal Signs...

Gold - Gold moved in a narrow range and closed on a flat note in the last trading session. Now Gold has major support around 61900 and upside resistance around 62250. Break and close above 62250 will take it towards 62400 and then to 62600 levels. Fresh bull run will expect on a close above 62600 levels.

Silver- Silver bounced sharply and achieved our intraday targets in the last trading session. Silver has near support around 70400 and upside resistance around 71400 levels. Break and sustain above 71400 will expect an upside move till 71900 levels. A fresh upside move will be expected on a daily close below 71900 levels.

Metals shows good reversal signs…

Zinc- Zinc reversed from the lower levels and closed on a positive note after multiple falls in the last trading session. Now Zinc has near support around 204 and upside resistance around 210. A fresh upside move will be expected on a close above 210 mark till 213-215 levels.

Copper - Copper formed a bullish engulfing candle after a long donwtrend in the last trading session. Now Copper has next support around 698 and upside resistance around 710 levels. Break and sustain above 710 will see an upside move to 714-718 levels in days to come.

Crude Oil Heading towards 6500 Mark…

Natural Gas - Natural Gas shows some recovery signs but again closed on a negative note on the daily chart. Now Natural Gas has major support around 148 and upside resistance around 156. Break and sustain above 156 will test 160 levels for the day. Fresh reversal will expect on a daily close above 160 levels.

Crude Oil - Crude Oil again performed well and achieved our top pick targets in the last trading session. Now Crude Oil has near support around 6280 and near resistance around 6400 levels. Break above 6400 will test 6460-6500 levels. Buy on dips around support will be a good strategy for the traders.

Daily Top Pick (13/02/2024)

Buy Copper around 708 for the upside target of 714 and then to 718. Stop loss below 703.

*T&C Apply…