MCX Gold is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.58700 - 58500 levels whereas resistance is at Rs.59100 - 59300 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.69500 - 69000 levels whereas resistance is at Rs.70400 - 70900 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.6850 - 6750 levels whereas resistance is at Rs. 7050 - 7150 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.720 - 715 levels whereas resistance is at Rs.730 - 735 levels.
CHART OF THE DAY
MCX-SILVER (DAILY CHART)
Strategy: Intraday
* SILVER prices traded with mild negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 69500 - 69000 level and resistance at 70400 - 70900. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 69500 - 69000 levels on lower side.
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