GOLD prices traded volatile during the last 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.48000 levels whereas resistance is at Rs.49000- 49200 levels. Buying is advised above Rs.48600 levels for the target prices of Rs.49000 – 49200 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.71000 levels whereas resistance is at Rs.73000 – 73500 levels. Buying is advised above Rs.72200 levels for the target prices of Rs.73000 – 73500 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.5080 levels whereas resistance is at Rs.5280 – 5330 levels. Buying above 5220 is advised targeting Rs.5280-5330 levels
* MCX Copper looks strong if Rs.750 level is breached. Buying above Rs.750 is advised targeting Rs.760– 766 levels
CHART OF THE DAY
Strategy: Intraday
* GOLD prices traded volatile during the last trading session
* It found good support near upward sloping trend line and bounced back
* For Intraday session we expect GOLD prices to trade with positive bias if price sustains above 48600 levels whereas 48200 and 48000 will act as an immediate support levels
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