It was closed above downward sloping trend line in intraday 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.47300 levels whereas resistance is at Rs.48200- 48700 levels. Buying above 6150 is advised targeting Rs.6240 – 6280 levels.
MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.62000 levels whereas resistance is at Rs.63100- 63600 levels. Buying above 63100 is advised targeting Rs.63600 – 64000 levels.
MCX Crude Oil is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.6000 levels whereas resistance is at Rs.6120 – 6180 levels.
MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.742 levels whereas resistance is at Rs.770 – 786 levels. Buying above 770 is advised targeting Rs.786 – 790 levels.
CHART OF THE DAY
MCX- GOLD (DAILY CHART)
Strategy: Intraday
GOLD prices traded with positive bias during last trading session
It was closed above downward sloping trend line in intraday trading session.
For Intraday session immediate support is at 43700 – 43000 level and resistance at 48200 – 48700. If price sustains above the immediate resistance level of 48200 level then it will provide further momentum towards 48700 -49000 levels on the higher side.
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