MCX Gold is likely to trade with sideways to negative bias - 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.50400 - 50200 levels whereas resistance is at Rs.50900- 51100 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.59100 - 58700 levels whereas resistance is at Rs.60300 - 60700 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.8080 - 8000 levels whereas resistance is at Rs. 8370 - 8450 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.688 - 682 levels whereas resistance is at Rs.706 - 712 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER 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 688 - 682 level and resistance at 706 - 712. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 688 - 682 levels on lower side.
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