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COMMODITY TECHNICAL OUTLOOK

MCX Gold is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.46700 levels whereas resistance is at Rs.47300- 47500 levels. Selling is advised below Rs.46700 levels for the target prices of Rs.46500 – 46300 levels

MCX Silver is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.62800 levels whereas resistance is at Rs.63800 – 64200 levels.

MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 5050 levels whereas resistance is at Rs.5200 – 5250 levels. Buying above 5170 is advised targeting Rs.5200 – 5250 levels

MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs. 706 levels whereas resistance is at Rs.716 - 720 levels. Buying above716 is advised targeting Rs.720– 725 levels

CHART OF THE DAY

MCX- NATURAL GAS (DAILY CHART)

Strategy: Intraday

NATURAL GAS prices traded with positive bias during the last trading session

It was closed above the upward sloping trend line in intraday trading session

For Intraday session we expect NATURAL GAS prices to extend upside if price sustains above 345 levels for target of 350 whereas 336 and 332 will act as an immediate resistance levels

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