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.58100 - 57800 levels whereas resistance is at Rs.58700 - 59000 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.70100 - 69400 levels whereas resistance is at Rs.70900 - 71300 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.5760 - 5650 levels whereas resistance is at Rs. 5950 - 6050 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.712 - 708 levels whereas resistance is at Rs.720 - 724 levels
CHART OF THE DAYMCX-COPPER
(DAILY CHART)
Strategy: Intraday
* COPPER prices traded with positive bias during the last trading session; but prices are trading below downward trend line.
* For Intraday session immediate support is at 712 -708 level and resistance at 720- 724. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 712 - 708 levels on lower side.
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