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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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