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COMMODITY TECHNICAL OUTLOOK

MCX Gold is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.45400 levels whereas resistance is at Rs.45900- 46100 levels.

MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.57500 levels whereas resistance is at Rs.60000- 60800 levels. Selling below 57500 is advised targeting Rs.56700 – 56200 levels.

MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5490 levels whereas resistance is at Rs.5650 – 5690 levels. Buying above 5650 is advised targeting Rs.5690 – 5730 levels.

MCX Copper is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.708 levels whereas resistance is at Rs.716 – 720 levels. Selling below 708 is advised targeting Rs.706 – 702 levels.

CHART OF THE DAY

MCX- SILVER (DAILY CHART)

Strategy: Intraday

SILVER prices traded with negative bias during last trading session

It was closed below upward sloping trend line in intraday trading session.

For Intraday session immediate support is at 57500 – 56700 level and resistance at 60000 – 60800. If price sustains below the immediate support level of 57500 level then it will provide further momentum towards 56700 - 56200 levels on the lower side.

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