MCX Gold is likely to trade with positive bias during today’s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with positive bias during today’s trading session. Support is at Rs.50200 - 50000 levels whereas resistance is at Rs.50800- 51000 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.61000 - 60500 levels whereas resistance is at Rs.62000 - 62500 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.8330 - 8250 levels whereas resistance is at Rs. 8630 - 8710 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.762 - 755 levels whereas resistance is at Rs.773 - 780 levels.
CHART OF THE DAY
Strategy: Intraday
* GOLD prices traded with positive bias during the last trading session; prices are trading above upward slopping trend line.
* For Intraday session immediate support is at 50200 - 50000 level and resistance at 50800 - 51000. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 50800 - 51000 levels on higher side.
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