MCX Gold is likely to trade with sideways - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.50500 - 50300 levels whereas resistance is at Rs.50800 - 51000 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.56600 - 56300 levels whereas resistance is at Rs.57300 - 57600 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.8150 - 8000 levels whereas resistance is at Rs. 8350 - 8500 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.645 - 640 levels whereas resistance is at Rs.655 - 660 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER OIL prices traded with negative bias during the last trading session; prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 56600 - 56300 level and resistance at 57300 - 57600. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 56600 - 56300 levels on lower side.
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