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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.71600 - 71300 levels whereas resistance is at Rs.72200 – 72500 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.84000 - 83000 levels whereas resistance is at Rs.86000 - 87000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5750 - 5700 levels whereas resistance is at Rs. 5880 - 5940 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.786 – 780 levels whereas resistance is at Rs.798 - 804 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL 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 5750 – 5700 level and resistance at 5880 –5940. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5750 – 5700 levels on lower side.
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