It closed below the downward sloping trend line in intraday trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
MCX Gold is likely to trade with negative bias during today’s trading session. Support is at Rs.45600 levels whereas resistance is at Rs.46300- 46700 levels. Selling below 45600 is advised targeting Rs.45300 – 45100 levels.
MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.59900 levels whereas resistance is at Rs.62500 levels. Selling below 59900 is advised targeting Rs.59200 – 58700 levels.
MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5290 levels whereas resistance is at Rs.5390 – 5450 levels. Buying above 5390 is advised targeting Rs.5450 – 5500 levels.
MCX Copper is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.716 levels whereas resistance is at Rs.730 - 736 levels. Selling below 716 is advised targeting Rs.710 – 706 levels
Strategy: Intraday
GOLD prices traded with negative bias during the last trading session
It closed below the downward sloping trend line in intraday trading session
For Intraday session we expect GOLD prices to trade with a negative bias. If price sustains below the immediate support level of 45600 level then it will provide further momentum towards 45300 - 45100 levels on the lower side.
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