MCX Gold is likely to trade with sideways to positive 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 positive bias during today’s trading session. Support is at Rs.47800 levels whereas resistance is at Rs.49200- 49800 levels. Buying is advised above Rs.48700 levels for the target prices of Rs.49200 – 49800 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.70500 levels whereas resistance is at Rs.72800 – 73200 levels. Buying is advised above Rs.72000 levels for the target prices of Rs.72800 – 73200 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.4750 levels whereas resistance is at Rs.4950 – 4980 levels. Buying above 4880 is advised targeting Rs.4950-4980 levels
* MCX Copper looks strong if Rs.765 level is breached. Buying above Rs.765 is advised targeting Rs.775– 780 levels
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with positive bias during the last trading session
* It witnessed strong break out as per Fibonacci Gaan Fan tool
* For Intraday session we expect COPPER prices to trade with positive bias if price sustains above 765 levels whereas 755 and 752 will act as an immediate support levels
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