MCX Gold is likely to trade with 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 with sideways to positive bias during today’s trading session. Support is at Rs.58100 - 57900 levels whereas resistance is at Rs.58500 - 58700 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.69500 - 69000 levels whereas resistance is at Rs.70500 - 71000 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.6580 - 6480 levels whereas resistance is at Rs. 6780 - 6880 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.719 - 715 levels whereas resistance is at Rs.727 - 731 levels.
CHART OF THE DAY MCX-SILVER (DAILY CHART)
Strategy: Intraday
* SILVER prices traded with positive bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 69500 - 69000 level and resistance at 70500 - 71000. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 70500 - 71000 levels on higher side.
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