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.47300 levels whereas resistance is at Rs.47900- 48100 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.64000 levels whereas resistance is at Rs.65000- 65300 levels. Selling below 64000 is advised targeting Rs.63600 – 63300 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6160 levels whereas resistance is at Rs.6320 – 6360 levels. Buying above 6320 is advised targeting Rs.6360 – 6380 levels.
* MCX Copper is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.738 levels whereas resistance is at Rs.754 – 758 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER 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 64000 – 63600 level and resistance at 65000 – 65300. If price sustains below the immediate support level of 64000 level then it will provide further momentum towards 63600 – 63300 levels on the lower side.
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