MCX Copper looks strong if Rs.737 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.47200 levels whereas resistance is at Rs.48300- 48500 levels. Buying is advised above Rs.47700 levels for the target prices of Rs.48000 – 48300 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.66200 levels whereas resistance is at Rs.68500 – 69200 levels. Buying is advised above Rs.67600 levels for the target prices of Rs.68500 – 69200 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.5250 levels whereas resistance is at Rs.5430 – 5500 levels. Buying above 5370 is advised targeting Rs.5430-5500 levels
* MCX Copper looks strong if Rs.737 level is breached. Buying above Rs.737 is advised targeting Rs.745– 748 levels.
CHART OF THE DAY
MCX- GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices resumed with upside during the last trading session
* It took good support of upward sloping trend line and settled above the same
* For Intraday session we expect GOLD prices to extend upside if price sustains above 47700 levels whereas 47200 and 47000 will act as an immediate support level
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