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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.46500 levels whereas resistance is at Rs.47700- 48000 levels. Buying is advised above Rs.47300 levels for the target prices of Rs.47700 – 48000 levels

MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.62500 levels whereas resistance is at Rs.64500 – 65200 levels. Buying is advised above Rs.63500 levels for the target prices of Rs.64500 – 65200 levels

MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.4950 levels whereas resistance is at Rs.5120 – 5200 levels. Buying above 5060 is advised targeting Rs.5120-5200 levels

MCX Copper looks strong if Rs.715 level is breached. Buying above Rs.715 is advised targeting Rs.725-735 levels

CHART OF THE DAY

MCX- COPPER (DAILY CHART)

Strategy: Intraday

COPPER prices traded sideways during the last trading session

It is likely to test the resistance of downward sloping trend line

For Intraday session we expect COPPER prices to extend upside if price sustains above 715 levels whereas 700 and 695 will act as an immediate support levels

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