MCX Gold is likely to trade with sideway to negative bias during today’s trading session - Monarch Networth Capital Ltd
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideway to negative bias during today’s trading session. Support is at Rs.47700 - 47500 levels whereas resistance is at Rs.48000- 48200 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.61300 - 61000 levels whereas resistance is at Rs.62100 - 62400 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6090 - 6050 levels whereas resistance is at Rs. 6290 - 6340 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.737 - 732 levels whereas resistance is at Rs.753 - 758 levels.
CHART OF THE DAY
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session and it was trading above upward slopping trend line.
* For Intraday session immediate support is at 6090 - 6050 level and resistance at 6290 - 6340. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6290 – 6340 levels on higher side.
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