For Intraday session Gold immediate support is at 55900-55700 level - 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.55900 - 55700 levels whereas resistance is at Rs.56400 - 56600 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.65000 - 64600 levels whereas resistance is at Rs.65800 - 66200 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.6380 - 6300 levels whereas resistance is at Rs. 6580 - 6660 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.763 - 758 levels whereas resistance is at Rs.772 - 776 levels.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
Strategy: Intraday
* GOLD 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 55900 – 55700 level and resistance at 56400 - 56600. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 55900 - 55700 levels on lower side.
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