MCX Copper looks strong if Rs.769 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.47000 levels whereas resistance is at Rs.48000- 48200 levels. Buying is advised above Rs.47600 levels for the target prices of Rs.48000 – 48200 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.64500 levels whereas resistance is at Rs.67000 – 67500 levels. Buying is advised above Rs.65900 levels for the target prices of Rs.67000 – 67500 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.5220 levels whereas resistance is at Rs.5440 – 5500 levels. Buying above 5370 is advised targeting Rs.5440-5500 levels
* MCX Copper looks strong if Rs.769 level is breached. Buying above Rs.769 is advised targeting Rs.778– 782 levels
CHART OF THE DAY
MCX- GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices traded with positive bias during the last trading session
* It is having a 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 47650 levels whereas 47300 and 47000 will act as an immediate support levels
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