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.46300 levels whereas resistance is at Rs.47500- 47800 levels. Selling is advised below Rs.46800 levels for the target prices of Rs.46500 – 46300 levels
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.66500 levels whereas resistance is at Rs.68800 – 69400 levels. Selling is advised below Rs.67800 levels for the target prices of Rs.67000 – 66500 levels
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.5320 levels whereas resistance is at Rs.5480 – 5550 levels. Selling below 5400 is advised targeting Rs.5350-5320 levels
* MCX Copper looks weak if Rs.710 level is breached. Selling below Rs.710 is advised targeting Rs.700– 695 levels
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session
* It is having a strong resistance of downward sloping trend line and sustaining below the same
* For Intraday session we expect COPPER prices to trade with negative bias if prices sustain below 710 levels whereas 718 and 720 will act as an immediate resistance levels
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