MCX Gold is likely to trade with negative bias during today's trading session- 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.51600 - 51400 levels whereas resistance is at Rs.52100 - 52300 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.57200 - 56700 levels whereas resistance is at Rs.58200 - 58700 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6730 - 6610 levels whereas resistance is at Rs. 6980 - 7100 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.662 - 658 levels whereas resistance is at Rs.671 - 675 levels.
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 6730 - 6610 level and resistance at 6980 - 7100. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6730 - 6610 levels on lower side.
MCX- CRUDE OIL (DAILY CHART)
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