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.59400 - 59200 levels whereas resistance is at Rs.60000 - 60300 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.71700 - 71200 levels whereas resistance is at Rs.72800 - 73300 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.5850 - 5750 levels whereas resistance is at Rs. 6050 - 6150 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.714 - 710 levels whereas resistance is at Rs.723 - 727 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 714 - 710 level and resistance at 723- 727. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 714 - 710 levels on lower side.
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