Silver Tumbles and Oil Shines...

DAILY MCX BULLETIN FOR 28 FEBRUARY 2024

Free-Fall Continues in Silver...

Gold - Gold was able to hold its support and closed on a positive note in the last trading session. Now Gold has near support around 62100 and upside resistance around 62400. Break and sustain above 62400 will take it towards 62500 and then to 62650 levels.

Silver- Free-fall continues in Silver and again closed on a weak note in the last trading session. Silver has near support around 68800 and upside resistance around 69500 levels. Break and sustain above 69500 will expect an upside move till 69800-70000 levels.

Metals Trades on a Positive Note…

Zinc- Zinc looks good and we will expect more upside on the daily chart. Now Zinc has near support around 214 and upside resistance around 216. Break above 216 will test 218 and then to 219.50 levels.

Copper - Copper still looks solid and holds its crucial support on the daily chart. Now Copper has next support around 724 and upside resistance around 728 levels. Break and sustain above 728 will test 732-735 levels for the day. Buy on dips around support will be the best strategy for the traders.

Crude Oil Again Shines…

Natural Gas - Natural Gas reversed sharply and gave a upside breakout on the daily chart, indicating fresh bull run in upcoming sessions. Now Natural Gas has major support around 145 and upside resistance around 152. Break and sustain above 152 will test 156-160 levels for the day.

Crude Oil - Crude Oil again performed well and achieved our upside targets in the last trading session. Now Crude Oil has near support around 6380 and near resistance around 6550 levels. Break above 6550 will test 6610-6660 levels. Buy on dips around support will be a good strategy for the traders.

Daily Top Pick (28/02/2024)

Buy Natural Gas above 152 for the upside target of 158 and then to 162. Stop loss below 147.

*T&C Apply…