Gold prices traded with positive bias during the last 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.50400 - 50200 levels whereas resistance is at Rs.50800 - 51000 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.57100 - 56600 levels whereas resistance is at Rs.58100 - 58600 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.6850 - 6700 levels whereas resistance is at Rs. 7100 - 7250 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.655 - 647 levels whereas resistance is at Rs.668 - 676 levels.
Strategy: Intraday
* GOLD prices traded with positive bias during the last trading session; but prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 50400 - 50200 level and resistance at 50800 - 51000. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 50400 - 50200 levels on lower side.
MCX- GOLD (DAILY CHART)
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