Silver prices traded with negative bias during the last trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with negative bias during today’s trading session. Support is at Rs.54700 - 54500 levels whereas resistance is at Rs.55100 - 55300 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.61400 - 61000 levels whereas resistance is at Rs.62400 - 62800 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6200 - 6100 levels whereas resistance is at Rs. 6400 - 6500 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.748 - 743 levels whereas resistance is at Rs.758 - 763 levels.
CHART OF THE DAY
MCX-SILVER (DAILY CHART)
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 61400 - 61000 level and resistance at 62400 - 62800. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 61400 - 61000 levels on lower side.
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