MCX Gold is likely to trade with positive bias during today’s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with positive bias during today’s trading session. Support is at Rs.47900 levels whereas resistance is at Rs.48200- 48400 levels. Buying above 48200 is advised targeting Rs. 48400 – 48600 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.59800 levels whereas resistance is at Rs.60800- 61200 levels. Buying above 60800 is advised targeting Rs. 61200 – 61800 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5320 levels whereas resistance is at Rs.5430 – 5480 levels. Buying above 5430 is advised targeting Rs. 5480 – 5520 levels.
* MCX Copper is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.722 levels whereas resistance is at Rs.735 – 739 levels.
CHART OF THE DAY
Strategy: Intraday
* GOLD prices traded with positive bias during last trading session
* It was closed above upward sloping trend line in intraday trading session
* For Intraday session immediate support is at 47900 – 47700 level and resistance at 48200 – 48400. If price sustains above the immediate support level of 48200 level then it will provide further momentum towards 48400 – 48600 levels on the higher side.
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