Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 57200 - 56800 levels - 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.57200 - 56800 levels whereas resistance is at Rs.57800 - 58000 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.68800 - 67800 levels whereas resistance is at Rs.69800 - 70600 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.7420 - 7320 levels whereas resistance is at Rs. 7620 - 7620 levels.
* MCX Copper is likely to trade with 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-GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices traded with negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 57200 - 56800 level and resistance at 57800 - 58000. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 57200 - 56800 levels on lower side.
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