MCX Gold is likely to trade sideways to positive bias during today’s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.47700 levels whereas resistance is at Rs.48100- 48300 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.64600 levels whereas resistance is at Rs.65600- 66000 levels. Selling below 64600 is advised targeting Rs.64000 – 63700 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6170 levels whereas resistance is at Rs.6320 – 6380 levels. Selling below 6170 is advised targeting Rs.6120 – 6080 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.739 levels whereas resistance is at Rs.759 – 767 levels. Selling below 739 is advised targeting Rs.730 – 725 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with negative bias during last trading session
* It was closed below downward sloping trend line in intraday trading session.
* For Intraday session immediate support is at 739 – 730 level and resistance at 759 – 767. If price sustains below the immediate support level of 739 level then it will provide further momentum towards 730 – 725 levels on the lower side
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