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.58000 - 57700 levels whereas resistance is at Rs.58600 - 58900 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.67700 - 67200 levels whereas resistance is at Rs.68800 - 69300 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.5590 - 5490 levels whereas resistance is at Rs. 5800 - 5900 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.723 - 719 levels whereas resistance is at Rs.731 - 735 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 67700 - 67200 level and resistance at 68800- 69300. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 67700 - 67200 levels on lower side.
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