MCX Gold is likely to trade with sideways to negative bias during today’s trading session - Monarch Networth Capital Ltd
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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.48000 levels whereas resistance is at Rs.48300- 48500 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.61300 levels whereas resistance is at Rs.62300 – 62700 levels. Buying is advised above Rs.62300 levels for the target prices of Rs.62700 – 63000 levels
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5240 levels whereas resistance is at Rs.5450 – 5500 levels. Buying above 5450 is advised targeting Rs.5500-5550 levels
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.742 levels whereas resistance is at Rs.749- 753 levels. Buying above 742 is advised targeting Rs.749-753 levels
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with positive bias during the last trading session
* It was closed above upward sloping trend line in intraday trading session
* For Intraday session immediate support is at 742 –738 level and resistance at 749 – 753. If price sustains above the immediate resistance level of 749 level then it will provide further momentum towards 753 – 756 levels on the higher side.
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