MCX Silver is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.47000 levels whereas resistance is at Rs.47800- 48000 levels. Selling is advised below Rs.47400 levels for the target prices of Rs.47000 – 46800 levels
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.65800 levels whereas resistance is at Rs.67800 – 68500 levels. Selling is advised below Rs.66800 levels for the target prices of Rs.65800 – 65000 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.5250 levels whereas resistance is at Rs.5440 – 5500 levels. Buying above 5380 is advised targeting Rs.5440-5500 levels
* MCX Copper looks strong if Rs.769 level is breached. Buying above Rs.769 is advised targeting Rs.778– 782 levels.
CHART OF THE DAY
MCX- GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices traded with negative bias during the last trading session
* It is having a good support of upward sloping trend line and settled near the same
* For Intraday session we expect GOLD prices to extend downside if price sustains below 47400 levels whereas 47800 and 48000 will act as an immediate resistance levels
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