Strong Reversal Across Metals and Energy! Catch the momentum...

MCX Bulletin

In the previous session, commodities on MCX witnessed strong buying interest, with multiple instruments showing bullish reversal signs. Here's how the key counters performed and what lies ahead:

🪙 Gold Update

Gold bounced back sharply from its crucial support zone and formed a bullish reversal candle on the charts.

📉 Support: 96700

📈 Resistance : 97300, a break and hourly close above 97300 may lead to further upside towards 97600 – 97800.

⚠️ Fresh weakness only on close below 96700.

🥈 Silver Outlook

Silver too surged higher and closed on a strong bullish note.

📉 Support: 107800

📈 Resistance: 108800, breakout above this may take prices higher towards 109400 – 109800.

Momentum traders should watch these levels closely.

🧲 Copper View

Copper corrected from higher levels and is now consolidating near its major support zone.

📉 Support: 887

📈 Resistance: 893, a breakout above 893 can lead to 897 and then 902 levels.

Be alert for a breakout trade setup.

🛢 Crude Oil Action

Crude Oil witnessed a bullish engulfing candle, indicating strength returning to the counter.

📉 Support: 5720

📈 Resistance: 5835, breakout can push prices to 5910 – 5980.

💡 Strategy: Buy on dips looks favorable.

📌 What to Watch Ahead:

US Fed’s stance on interest rates and inflation cues

Dollar Index movement which can influence metal prices

Crude oil inventory data and geopolitical tensions

Global risk sentiment and equity cues impacting base metals

Stay tuned for more powerful updates. 💹

Trade smart. Trade informed.