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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.46500 levels whereas resistance is at Rs.47700- 48000 levels. Selling is advised below Rs.47000 levels for the target prices of Rs.46500 – 46300 levels

MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.61500 levels whereas resistance is at Rs.63400 – 64000 levels. Selling is advised below Rs.62400 levels for the target prices of Rs.61500 – 60800 levels

MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.4950 levels whereas resistance is at Rs.5150 – 5200 levels. Buying above 5060 is advised targeting Rs.5150-5200 levels

MCX Copper looks weak if Rs.708 level is breached. Selling below Rs.708 is advised targeting Rs.695-690 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 is likely to give break out of horizontal trend line in intraday trading session

For Intraday session we expect NATURAL GAS prices to extend upside if price sustains above 315 levels whereas 305 and 300 will act as an immediate support levels

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