GOLD prices traded with positive bias during the last trading session; and prices are trading above upward slopping trend line- Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with positive bias during today’s trading session. Support is at Rs.50200 - 50000 levels whereas resistance is at Rs.50600 - 50800 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.53000 - 52700 levels whereas resistance is at Rs.53800 - 54100 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.7020 - 6940 levels whereas resistance is at Rs. 7220 - 7300 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.636 - 632 levels whereas resistance is at Rs.647 - 652 levels.
Strategy: Intraday
* GOLD prices traded with positive bias during the last trading session; and prices are trading above upward slopping trend line.
* For Intraday session immediate support is at 50200 - 50000 level and resistance at 50600 - 50800. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 50600 - 50800 levels on higher side
MCX- GOLD (DAILY CHART)
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