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Silver prices traded with negative bias during the last trading session - Monarch Networth Capital Ltd
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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.50200 - 50000 levels whereas resistance is at Rs.50600 - 50800 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.52800 - 52500 levels whereas resistance is at Rs.53600 - 53900 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.7100 - 7000 levels whereas resistance is at Rs. 7400 - 7500 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.644 - 638 levels whereas resistance is at Rs.654 - 660 levels.
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; and prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 52800 - 52500 level and resistance at 53600 - 53900. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 52800 - 52500 levels on lower side.
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