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MCX Gold is likely to trade with sideways to positive 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 positive bias during today’s trading session. Support is at Rs.59200 - 59000 levels whereas resistance is at Rs.59600 - 59800 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.74700 - 74300 levels whereas resistance is at Rs.75600 - 76000 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6980 - 6880 levels whereas resistance is at Rs. 7180 - 7280 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.736 - 732 levels whereas resistance is at Rs.744 - 748 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above downward trend line.
* For Intraday session immediate support is at 6980 -6880 level and resistance at 7180 - 7280. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 7180 - 7280 levels on higher side.
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