MCX Silver is likely to trade with negative bias during today`s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with negative bias during today’s trading session. Support is at Rs.50900 - 50700 levels whereas resistance is at Rs.51300 - 51500 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.58200 - 57800 levels whereas resistance is at Rs.58900 - 59300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.7250 - 7150 levels whereas resistance is at Rs. 7450 - 7550 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.652 - 647 levels whereas resistance is at Rs.660 - 665 levels.
Strategy: Intraday
* GOLD prices traded with mild positive bias during the last trading session; but prices are trading below downward support trend line.
* For Intraday session immediate support is at 50900 – 50700 level and resistance at 51300 - 51500. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 50900 – 50700 levels on lower side.
CHART OF THE DAY
MCX- GOLD (DAILY CHART)
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