MCX Gold is likely to trade 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 sideways to positive bias during today’s trading session. Support is at Rs.48000 levels whereas resistance is at Rs.48400- 48700 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.65800 levels whereas resistance is at Rs.66500- 67000 levels. Buying above 66500 is advised targeting Rs.67000 – 67300 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6250 levels whereas resistance is at Rs.6400 – 6450 levels. Buying above 6400 is advised targeting Rs.6450 – 6438 levels.
* MCX Copper is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.765 levels whereas resistance is at Rs.774 – 780 levels.
CHART OF THE DAY
Strategy: Intraday
* Crude Oil prices traded with positive bias during last trading session
* It was closed above upward sloping trend line in intraday trading session.
* For Intraday session immediate support is at 6250 – 6200 level and resistance at 6400 – 6450. If price sustains above the immediate resistance level of 6400 level then it will provide further momentum towards 6450 – 6480 levels on the higher side.
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