MCX Gold is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.58900 - 58800 levels whereas resistance is at Rs.59300 - 59400 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.72000 - 71500 levels whereas resistance is at Rs.73000 - 73500 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.7200 - 7100 levels whereas resistance is at Rs. 7400 - 7500 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.730 - 726 levels whereas resistance is at Rs.738 - 742 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above downward trend line.
* For Intraday session immediate support is at 7200 -7100 level and resistance at 7400 - 7500. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 7400 - 7500 levels on higher side.
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