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 sideways to negative bias during today’s trading session. Support is at Rs.59200 - 59000 levels whereas resistance is at Rs.59700 - 59900 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.71400 - 71000 levels whereas resistance is at Rs.72200 - 72600 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.5900 - 5800 levels whereas resistance is at Rs. 6100 - 6200 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.716 - 712 levels whereas resistance is at Rs.726 - 730 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 71400 - 71000 level and resistance at 72200- 72600. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 71400 - 71000 levels on lower side.
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