No Mercy for the Bulls in Metals and Bullions...

DAILY MCX BULLETIN FOR 12 FEBRUARY 2024

Bears Again took the Command...

Gold - Gold again slipped from the previous day close in the last trading session. Now Gold has major support around 62200 and upside resistance around 62550. Break and close above 62550 will take it towards 62700 and then to 62900 levels.

Silver- Silver fell sharply from the higher levels and closed around the support zone on the charts. Silver has near support around 70400 and upside resistance around 71100 levels. Break and sustain above 71100 will expect an upside move till 71500 levels. A fresh upside move will be expected on a daily close below 71500 levels.

Weakness Continues in Metals…

Zinc- Weakness continues in Zinc and again closed on a negative note in the last trading session. Now Zinc has near support around 206 and upside resistance around 210. Break below 206 will test 204.50-203 leveld for the day. Any fresh upside move will expect on a close above 210 mark.

Copper - Copper follows the bearish trend and closed on a bearish note 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 again Shines…

Natural Gas - Natural Gas Dives with no support and again closed on a negative note on the daily chart. Now Natural Gas has major support around 150 and upside resistance around 160. No relief for the buyers on any level. 145-142 will be the only range where we can expect a bounce in the near term.

Crude Oil - Crude Oil performed well and achieved our upper levels 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 (12/02/2024)

Buy Crude Oil on dip around 6310 for the upside target of 6400 and then to 6450. Stop loss below 6210.

*T&C Apply…