GOLD prices traded with negative bias during the last 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.51000 - 50800 levels whereas resistance is at Rs.51500 - 51700 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.54400 - 54000 levels whereas resistance is at Rs.55200 - 55600 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.7300 - 7150 levels whereas resistance is at Rs. 7540 - 7680 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.670 - 665 levels whereas resistance is at Rs.685 - 690 levels.
Strategy: Intraday
* GOLD prices traded with negative bias during the last trading session; and prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 51000 - 50800 level and resistance at 51500 - 51700. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 51000 - 50800 levels on lower side.
MCX- GOLD (DAILY CHART)
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