MCX Gold is likely to trade with sideways to negative bias during today`s trading session - 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.49100 - 48900 levels whereas resistance is at Rs.49500 - 49700 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.55000 - 54600 levels whereas resistance is at Rs.55800 - 56200 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.6380 - 6300 levels whereas resistance is at Rs. 6600 - 6680 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.621 - 616 levels whereas resistance is at Rs.631 - 636 levels.
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; and prices are trading below downward slopping trend line. ? For Intraday session immediate support is at 621 – 616 level and resistance at 631 - 636. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 621 - 616 levels on lower side.
CHART OF THE DAY
MCX- COPPER (DAILY CHART)
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