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.48000 levels whereas resistance is at Rs.48400- 48600 levels. Buying above 48400 is advised targeting Rs. 48600 – 48800 levels.
* MCX Silver is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.64100 levels whereas resistance is at Rs.65100- 65500 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6100 levels whereas resistance is at Rs.6240 – 6280 levels. Buying above 6240 is advised targeting Rs. 6280 – 6340 levels.
* MCX Copper is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.729 levels whereas resistance is at Rs.744 – 750 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 48000 – 47800 level and resistance at 48400 – 48600. If price sustains above the immediate resistance level of 48400 level then it will provide further momentum towards 48600 – 48800 levels on the higher side.
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