MCX Gold is likely to trade with negative bias - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with negative bias during today’s trading session. Support is at Rs.51100 - 50900 levels whereas resistance is at Rs.51500 - 51300 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.56400 - 56000 levels whereas resistance is at Rs.57200 - 57600 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.7650 - 7550 levels whereas resistance is at Rs. 7900 - 8000 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.645 - 640 levels whereas resistance is at Rs.657 - 662 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 56400 - 56000 level and resistance at 57200 - 57600. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 56400 - 56000 levels on lower side.
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