MCX Gold is likely to trade with negative bias during todays trading session -Monarch Networth Capital Ltd
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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.59800 - 59500 levels whereas resistance is at Rs.60300 - 60600 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.74000 - 73600 levels whereas resistance is at Rs.74700 - 75100 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.6470 - 6400 levels whereas resistance is at Rs. 6670 - 6740 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.761 - 756 levels whereas resistance is at Rs.772 - 777 levels.
CHART OF THE DAY
MCX-GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices traded with a negative bias during the last trading session; and prices made RSI negative divergence on daily chart.
*For Intraday session immediate support is at 59800 - 59500 level and resistance at 60300 - 60600. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 59800 - 59500 levels on lower side.
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