MCX Copper looks strong if Rs.725 level is breached - 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.47500 levels whereas resistance is at Rs.48800- 48900 levels. Buying is advised above Rs.48400 levels for the target prices of Rs.48800 – 48900 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.68200 levels whereas resistance is at Rs.70500 – 70800 levels. Buying is advised above Rs.69600 levels for the target prices of Rs.70500 – 70800 levels
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.5350 levels whereas resistance is at Rs.5520 – 5580 levels. Selling below 5430 is advised targeting Rs.5350-5310 levels
* MCX Copper looks strong if Rs.725 level is breached. Buying above Rs.725 is advised targeting Rs.732– 735 levels.
CHART OF THE DAY
MCX – GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices traded with positive bias during the last trading session
* It has support of upward sloping trend line and sustained above the same
* For Intraday session we expect GOLD prices to trade with positive bias if prices sustain above 48300 levels whereas 47500 and 47200 will act as an immediate support levels.
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